Squarefoot Realty

Your guide to the best property

November 2015 I `100

High TimeHigh TimeThe Govt Wakes UpThe Govt Wakes Up

HOUSING FOR ALL BY 2022-HOUSING FOR ALL BY 2022-WILL IT REMAIN A DREAM?WILL IT REMAIN A DREAM?

Expressway to connectExpressway to connectMumbai and Nagpur !Mumbai and Nagpur !

Dr. Bino Paul,Dr. Bino Paul,Dean of Tata Institute of Social SciencesDean of Tata Institute of Social Sciencesdiscusses with Pranjal Bhandarkardiscusses with Pranjal Bhandarkar

Editorial

Despite all the challenges faced by an indi-

vidual to buy his/her own residential place

in the city, there are not set parameters

that defi ne about when the government

initiatives will actually prove to benefi t the com-

mon man? Recently Prime Minister Narendra Modi

announced a highly ambitious project of ‘100

Smart Cities’ in the country by 2022. On the other

hand, only promises are being made of providing

‘Housing for all’ across the nation.

However, the compelling requirement to complete

the Housing for All initiative should not compromise

the standard of living. Hence the government has

decided to adopt numerous modern technologies to achieve that. Along with this,

Smart Cities Mission came into form. It is a clever amalgamation of technology and

basic infrastructure. Seamless connectivity, sustainable resources, energy effi ciency,

and technology integration are the focal points that will be addressed in Smart Cities.

To attain the mission of building 5 lakh homes in 5 years, the BMTPC has

recommended to useeight advanced technologies in construction that will help build

homes faster. Also, special focus will be given to building green and eco-friendly

properties. The state government seems to be building bigger infra developments.

The latest one to be added in the list is Mumbai – Nagpur Express Highway. It will

connect Aurangabad to Mumbai via same route. It is said that the highway will save

65 km of distance between the two cities. The Express Highway is expected to share

the major direct road traffi c between Mumbai and Nagpur, including almost 30%-

40% of traffi c from NH 6.

However, engrossed in elevating our standard of living, we tend to ignore matters

that are equally crucial. Like the state of skilled labours in our country. For over one

and half decade, there has been a considerable shortage of skilled labours, RCC

fi tters, masons, plumbers, carpenters and technicians who carry out sanitary works

and other construction related tasks. This section of workers is paid below minimum

wages and still not appreciated enough.

We believe that we need to start degree or diploma courses that will provide these

talented technicians job security. Also, it will encourage the unemployed youth of the

country to pursue the skills required to do these jobs.

Realizing the problems currently being faced and thepotential rise of more in the

future, we need to cater to the needs of the buyers in every possible way. We, at

SquareFoot believe that a medium to channelize every requirement of buyers to

prospective developers is the need of the hour. We strive hard to be one of those

encouraging mediafor the public and benefi t them in any way possible.

With warm regards,

Editor-in-Chief

Volume 1 Issue 2November 2015

Editor-in-chiefN.K.Bhupeshbabu

Managing EditorNineesh Babu

Production & CirculationSandeep Kanade

Subscription & SupportPranjal BhandarkarShilpa AvhadNitin Lade Pratik MadaneShreyas Kabale

Published and Owned By: Enkaymarcomm Pvt. Ltd. Real Tech Park, 5th fl oor, Sector- 30A, Near Vashi Railway Station,Vashi, Navi Mumbai, Pin: 400703 Tel: 02227777200 Email: [email protected]

Squarefoot Realty I november 2015

3

News

Housing for all

Luxury Hotel - Jumeirah

Interview - KVK

Leak Free Homes

Fast Track Seawoods

Space Saving Furniture

Mumbai Nagpur Highway

Interview - Adhiraj

Belapur Khandeshwar Metro

Past Events - NAREDCO

Buy or Rent

Interview - Qualcon

Havells India Smart Cities

Expert Advice - Omkar

Interior Trends

08152123273032353840424549515457w

hat’s

insi

de

...

Home Automation Appliances

SurajParmar Article

Home Away Home

Green home

5 Infra Developments in Mumbai

FengShui

Interview - Lakhani

How far wood you go?

MCHI - 2015

Diwali Home Decoration

TISS Dean Interview - Skilled Labours

Property Index

8185

61

88

65

89

70

92

73

93

78

96

After reading news about a

residential house worth Rs.

750 crore in Mumbai, we

bring another one that will

make your jaw drop. This time it is

a commercial space. Probably, one

of the largest offi ce transactions, a

working space in Mumbai was sold for

about Rs. 1480 crore.

Yes! You read that right. Godrej

Properties announced that a space

A house worth` 750 crore in Mumbai !

Now anoffice worth` 1480 Crore !

It looks like the rich and famous

of Mumbai are gearing up

to give each other a stiff

competition. After one of the

top businessmen of India, Mukesh

Ambani built his mansion worth $1

billion, making it the most expensive

home in the world, others are leaving

no stone unturned to join the race.

Recently, when leading industrialist

Kumar Mangalam Birla acquired Jatia

House in the plush Malabar Hill area

for Rs. 425 crore, it sets the tongues

wagging. In 2014, the house of the fa-

ther of the nation’s atomic programme

Homi Bhaba, Mehrangir was bought

by the Godrej family at Rs. 372 crore,

while the Maheshwari House was sold

for Rs 400 crore.

However, now Pune-based industrial-

ist Cyrus Poonawala has gone a step

ahead. He bought the iconic Lincoln

House in Mumbai for a whopping

amount of Rs. 750 crore. Located in

the Breach Candy area of South Mum-

bai, the place earlier used to house

the US Consulate. Lincoln house is

a grade III property spread across

2-acres and has a built-up area of

around 50,000 sq ft.

Grade III spaces are supposed to be

heritage properties which are to be

open for redevelopment. However,

Lincoln House will be spared as Poon-

awala is planning to convert it into his

family residence. The consulate was

shifted to Bandra-Kurla Complex Area

in 2011 and Lincoln House has been

on the market since then. The US of-

fi cials were demanding Rs 850 crore

for the place, but had to later settle

with Poonawala’s offer.

Earlier owned by maharaja Pratap-

sinhji Jhala Wankaner, Lincoln House

was formerly known as the Wankaker

House. In 1957, it was leased to the

US who renamed it to the Lincoln

House and made it as their consulate

in Mumbai. However, later the maha-

raja sold the place to the US consulate

to pay off his taxes.

of around 4.35 lakh sq ft in its com-

mercial project at BKC was bought

for almost Rs. 1.5 crore. However,

the offi cial spokesperson of Godrej

denied to disclose the name of the

buyer, hush-hush reports say that it

has been purchased by the leading

pharma company, Abbott India.

Godrej fi led the BSE in which it has

been clearly mentioned that the

company has signed a deal of selling

4,35,000 sq ft of saleable area at its commercial project Godrej BKC in Bandra

Kulra Complex (BKC) Mumbai to a single user for a total consideration of Rs

1,479 crore. This is said to be the highest ever value any single end-user has

paid for a real estate transaction in India.

BKC is one of the biggest commercial complexes in the city with approximately

1.3 million sq ft saleable area. Godrej Properties is developing residential, com-

mercial and township projects spread across 110.30 million square feet in 12

cities.

Even though, there is quite a lull in the residential real estate market in India

since past few years, commercial spaces are still in demand for leasing, buying

or selling.


8

Cartoonist, father of Shiv Sena, enigmatic personality, power icon… the

list goes on for Bal Thackeray. The Hindu fundamentalist turned politi-

cian has left a unique mark in the country, especially Mumbai city even

after his death.

However, it has been over two years and tenth months since he breathed his

last. Plans have been fi nalized to build a memorial for Bal Thackeray and thus

began the search for the site to do so. Finally, it seems that all the hard work

has been fruitful as the frenetic search came to an end. The committee who

has been given the task of locating a site has zeroed in on the stunning seaside

bungalow which belongs to the city’s mayor. The reason to choose this property

is because it is located near Shivaji Park, which is where Bal Thackeray estab-

lished the party and also addressed its annual Dussehra rallies. He was also

cremated at Shivaji Park on November 17,2012.

The property is a Grade II heritage structure. Therefore, the committee decided

to re-acquire the neighbouring plot that is being currently leased to The Park

Club. Thankfully, there will be no hindrances to start with the project as the prop-

erties are controlled by the Sena-ruled Brihanmumbai Municipal Corporation.

The construction is expected to begin by the end of this year or early 2016.

The mayor, however, needs to be shifted to a new place. Two options that have

been shortlisted are – a heritage bungalow inside the premises of Byculla

Zoo and the designated bungalow of the Mumbai Municipal Commissioner at

Carmichael Road.

The memorial location has been fi nalized by Shiv Sena President Uddhav Tha-

keray. It is a sprawling area with large foreground along with an unfathomable

sea view and was built in 1928.

This year, the rains have not been as expected in the city. Resulting to

which, there has been a shortage of water in Mumbai. The Brihanmum-

bai Municipal Corporation (BMC) has been discussing water cuts to man-

age the situation. Therefore, to improve the water supply in the future, a

new water tunnel will be constructed.

The tunnel will be spread across Chembur to Wadala in the fi rst phase, whereas

it will be extended to Parel in the second phase. The goal of this tunnel is to

carry water from the eastern suburbs to central Mumbai. The average length

of tunnels is 60-80 metres below the road surface and have huge diameters

to supply water throughout the city effi ciently. The estimated cost of the initial

Bal Thackeray’smemorial to be built inMumbai soon

phase is Rs. 480 crore and the new

tunnel will provide uninterrupted

water supply. Permissions to start the

project has already been granted.

The requirement of Mumbai is

almost 4300 million liters per day.

But unfortunately, we only manage to

get a supply of 3750 litres per day.

Therefore the civic body has ordered

the water cuts. And also the existing

pipelines are 70-80 years old. So if

any damage happens to them, there

problem worsens. The civic body

is also taking land from its sister

concern, the Brihanmumbai Electric

Supply and Transport (BEST) for the

tunnel.

A plot of area 600 sq. meters near

Pratiksha Nagar has been allotted for

the water tunnel. The property will be

used to a shaft and ancillary struc-

Measures toImprove water supply in Mumbai

tures in the water tunnel at a lease of

Re 1 annually as rent. Shocked? The

reason behind asking for such minis-

cule rent is that BMC has given many

plots to BEST and expected them to

reciprocate in the same manner. The

plot will be on the north-west side of

the depot and would be barricaded, so

that it doesn’t affect the parking and

movement of buses.


9

PM Narendra Modi announced an ambitious project ‘Smart

Cities’ where in 98 smart cities will be created all across the

country. Selection of all such sites has already been made

and the initialization of the plan in underway. However, no-

body gave a thought about the biggest hurdle we could face to properly execute

the project.

Money! We are talking about money. The companies under the centre’s

ambitious project will have to go through the tough challenge of funding and

execution. Few experts suggest that the focus would have been better if the gov-

ernment could have started with fewer number of cities initially and developing

For an average earning

individual, the

stress of buying a

home is lowered

with the help of banks when they

approve the loans. However, getting

a loan approved too is a tedious task.

One needs to do a proper study and

research about the interest rates and

loan duration before applying. But

what happens when you fi nd another

bank offering lesser interest rates than

the one you are already paying?

Now you can shift your home loan. Ex-

perts suggest that buyers should shift

loans only if there is another bank

offering them a lower interest rate and

the cost of shifting. Where fl oating or

fi xed rates are concerned, in the cur-

rent environment when interest rates

are expected to go down, it makes no

sense to lock into a fi xed rate.

Also, to keep in mind is the fact that

for a new bank, you will be considered

as a new borrower and hence you will

be offered better rates than what you

might be actually paying on your cur-

rent loan. So you will need to identify

the lender who compared to your ex-

isting lender is offering a signifi cantly

lower rate of interest.

Once your loan application is sanc-

The biggest hurdle inSmart Cities Mission– Money!

Not happywith your loan interest rates?

them as a model for others to follow

the lead. Researchers say that now

that 98 cities have been identifi ed,

funding will be a major obstacle for

the companies.

PM’s mission was to improve the

standard of living of all the citizens

in India. The focus is on sustainable

development of smaller areas to

convert it into the smart city zone.

However, it is going to be a hard time

while executing the plan.

Under the mission, it will be operated

as a centrally sponsored scheme and

the centre will give fi nancial support

to the extent of Rs 48,000 crore over

fi ve years, which is on an average Rs

1,000 crore per city per year. There

are already few states which have

expressed its skepticism in implemen-

tation of the scheme. They believe that

if there is a shortage of funding and

administrative help, it will be impos-

sible to fulfi ll the requirements.

tioned, you will have to request your

bank to give you a letter addressed

to the new bank. The document will

mention the details of the outstanding

amount of the payment. This letter

should also contain the list of docu-

ments that the existing lender has.

Along with that you will also require

a NOC (No Objection Certifi cate) from

society/ statutory authority/ builder

etc., in favour of the new lender.

The current lender will charge fees for

processing the shifting of your loan

application. And if you have a good

credit history, there are chances that

the bank might help your process on

cheaper rates.


10

Distance between Thane-Borivali to shorten

Partially legalbuildings may still get anoccupancy certificate

The Public Works Department (PWD) has decided to connect

the northern suburb of Borivali to the central suburb of

Thane in the easiest way possible. To accomplish this

ambitious goal, PWD minister, Eknath Shinde announced

that a 11-km tunnel will be constructed which will slash down the travelling time

between Thane and Borivali by almost an hour.

Currently, Thane is connected to Borivali via Ghodbunder Road and the total dis-

tance of the route is 23 km. The travel time is worsened if there is traffi c on the

road. The State Road Development has fl oated tenders to appoint consultants

to carry out the feasibility report and work out the Detailed Project Report of the

project. This tunnel will connect the two places in merely 10 minutes.

The proposed tunnel will split from Ghodbunder road to Tikujiwadi covering

11km beneath the ground through the Sanjay Gandhi National Park and Yeoor

Hills. Further, it will be connected with Western Express Highway (WEH). The twin

tunnel will have three lanes, total six lanes on each carriageway. The estimated

cost of the project is around Rs 1,500 Crore.

The minister has confi rmed that a consultant has already been appointed to carry

out the study of the project. Hence, we can expect the work to be started soon.

Instances of half-legal and

half-illegal aren’t new in

Mumbai. Builders start their

ambitious projects with

infectious zeal prompting keen buyers

to invest in the houses. However, in

the later phase of development, they

fail to get necessary approvals. Thus

deeming the half part of the building

as illegal.

After the whole project is completed,

the BMC has earlier given out unau-

thorized status to it. But now it seems

that things might change. The authori-

ties want that for such buildings, at

least the legal part should be granted

an Occupancy Certifi cate instead.

The topic will debated in the BMC

offi ce on October 5 whether to make

it binding on the administration to give

an occupancy certifi cate to individual

fl at holders and fl oors constructed

according to the sanctioned plan of

the corporation instead of declaring an

entire building unauthorised. So now

if a project plan had 10 storeys, out

of which 5 fl oors have been granted

approval; then only those fl oors will be

given the OC.

However, this decision might have some setbacks as well. The main reason that

a building is granted an OC is to make sure that all the aspects of the project

are followed. It is the only way to confi rm that a building is safe and secure. So if

the developer doesn’t not follow the rules, he is not given an OC and the build-

ing doesn’t get regular water supply from the BMC, the water they are given

is charged at double the rate. While some believe this is a good move. It can

lessen the suffering of others.

Well, listening to the both sides of the coin, all we can do is wait and watch!


11

RBI cutsrepo rate by50 basis points

Court orders todemolish illegal buildings in Navi Mumbai

“I don’t know what you want to call me, Santa Claus or hawk. My name

is Raghuram Rajan and I do what I do.” That is what Governor of the

Reserve Bank of India (RBI), Raghuram Rajan said in a conference

where the repo rate to 6.7 per cent from 7.25 per cent. This phenom-

enal move will give a boost to all the potential home buyers as it is expected to

bring down the home loan EMIs.

As base rates are directly connected to home loans, any reduction in them will

prove to be prove benefi cial to the borrower. Right now, the home loan rate

varies in the range of 9.75-10.25 per cent. This news has come as a shocker

Maharashtra Industrial Development Corporation (MIDC) along with the

City Industrial Development Corporation of Maharashtra (CIDCO) has

been directed by the Bombay High Court to get rid of all the illegal

buildings in Navi Mumbai. MIDC will be soon initiating the process of

demolition with the village of Digha in the city.

Two public interest litigations were fi led – one against illegal structures and an-

other seeking demolition of unauthorised buildings in the Digha area of satellite

township. Even after fi ling many complaints, no proper action was taken against

it for a long time. As per the report, there 99 illegal buildings in Navi Mumbai out

of which 90 are built in the MIDC area while the rest are located on CIDCO land.

Based of the report, the High Court ordered that MIDC and CIDCO should initiate

the proceedings of demolition of the buildings in accordance with Maharashtra

Regional Town Planning Act.

For remaining fi ve buildings, a meeting will be conducted to make a decision.

Meanwhile, another nine buildings, which were found to be constructed without

obtaining permission from authorities, were placed in the possession of the court

receiver. In the case of one of the nine buildings, which was taken over by the

court receiver, it was found that the construction work had been completed and

it had been occupied. Stating that this was in gross contempt of the govern-

ment’s order, the court said that “persons in possession of the property will have

to be removed”.

as everyone in the market expected a cut of 25 points, but the RBI went a step

ahead and has delivered an astounding 50 basis points reduction.

With the festive just around the corner, this slashed down home loan rates are

almost like an early Diwali gift. In recent times, the housing sales in India have

dropped down drastically. The correction in prime lending rates would help

stimulate the home buyer’s interest and spur the home-buying decision.

This will not only bring positive effect for the unsold stock, but it is will create

a favourable market for affordable housing. We are hopeful that PM Narendra

Modi’s Affordable Housing for all 2022 Mission will be achieved effortlessly.


12

Since independence, successive governments in

India have planned various programs and poli-

cies to provide affordable housing to people,

especially the urban settlers. The fi rst National

Housing Policy was adopted in 1994. Following this, the National Housing and

Habitat Policy (NHHP) were framed by the urban development ministry in 1998.

Launched in 2005 with an aim to encourage and facilitate faster urban reforms

in the country, the Jawaharlal Nehru National Urban Renewal Mission (JNNURM)

envisaged constructing 1.5 million houses for the urban poor during the 2005-

12 in 65 cities identifi ed in this scheme.

Housing for all was the key focus of the National Urban Housing Habitat Policy

(NUHHP) framed by the Centre in 2007. The Rajiv Awas Yojana (RAY), Afford-

able Housing in Partnership (AHIP) to rope in the private players in co-operative,

fi nancial and local bodies and the creation of a National Housing Bank fully-

Successive governments have toyed with the ‘Housing For All’ notion

HOUSING FOR ALL BY 2022-

WILL IT REMAIN A DREAM?

Neha Chhabra &

Meena R. Prashant

subsidized by the Reserve Bank of

India (RBI) to provide fi nancial support

to housing fi nance institutions were all

aimed at achieving affordable housing

for various segments - lower, middle

and higher income groups, though

the main focus was on the lower and

middle class.

The programs and policies so far have

not brought in the desired results, but

the good news is that the new govern-

ment at the Centre has re-iterated its

resolve to provide affordable housing

for all by 2022. The issue is, however,

multi -dimensional.


15

THE DEMANDAffordable housing denotes adequate shelter on a permanent basis and avail-

able within the means of various sections such as lower, middle and higher

income groups of the population.

According to the 2011 census, the population of India is 1,210.98 million. Of

this, 337.10 million (31.6%) live in urban centers and the remaining is spread

across the semi-urban and rural areas.

The housing stock in the urban India, as per the census of 2011, was78.48 mil-

lion for78.86 million households. The shortage, though narrow then, must have

widened today on account of new demands being generated by

(i) Migrant population

(ii) Expanding families

Shortage of housing stock in the urban centers was an estimated 18.78 million

units during 2012-17. It is estimated that by 2020, India would need 30 million

dwelling units. If we extend it by two more years (up to 2022- 13th FY Plan), add

another two to three million to the demand segment. Therefore, by 2022, India

may need 30-33million residential units.


16

CHALLENGES AHEADIt will be a huge task to achieve this target within a period of seven years

from now. Scarcity of land, legal entanglements, shortage of supply of skilled

manpower, lack of easy fi nance options, infrastructure development, use of tech-

nology and improved materials are some of the serious challenges that will have

to be surmounted within a defi nite time frame. This will not be easy, considering

the political scenario in the country today.

Land availability: This is an important parameter of real estate activities.

Encroachment is rampant. So is mushrooming growth of slums on government

land. This deprives to a large extent the land available for development of hous-

ing in cities. More often, clearing these settlements leads to legal entanglements

and political upheavals as they are potential vote banks. This means that the

land parcels here are terribly underutilized.

“A better growth-based land management system to attract private invest-

ment in the housing construction industry is the urgent need of the hour. The

government must facilitate easy, hassle-free land transactions by simplifying

procedures of conveyance deeds, lease deeds, partition deeds and all allied

property-related documents,” said ArvindGoel, president of MCHI-CREDAI’sNavi

Mumbai unit.

The prices of private land parcels in the urban centers are sky high. Therefore,

it is highly probable that the private players in the real estate/ housing sector

would opt for luxury, high-end apartments. Naturally, it will cater to the economi-

cally upper layer of the society.

Shortage of skilled manpower: The construction industry is facing

tremendous shortage of skilled man-

power. The availability of the unskilled

labors in urban centers, though

suffi cient, is not regular as they are

migrants and tend to visit their native

places during harvest and festival

seasons creating a terrible seasonal

shortage.

The housing industry is said to be the

second largest employer of workforce

after the agriculture sector. The acute

shortage of manpower will have a

telling adverse effect on the housing

sector. Ways and means to create a

skilled labour force should be a prior-

ity. Proper incentives and implemen-

tation of labour laws applicable to

other industries may go a long way

in correcting the situation to a large

extent.

Workmen training programs aimed at

equipping the laborers with knowledge

to cope with the construction industry

must be explored.

Financial resources: Acute short-

age of availability of source of easy

fi nance has been a major hurdle faced

by the home buyers, especially the

economically-weaker section and the

middle-income class. The housing in-

dustry, on the whole, is hard-pressed

for funds. Public sector resources

alone cannot meet this challenge.

Recognizing this fact, the National

Urban Housing and Habitat Policy of

the Government of India has recom-

mended the involvement of multiple

stakeholders and public private

partnerships to meet the demand for

funds. The National Housing Bank,

created as a fully-owned subsidiary of

the Reserve Bank of India (RBI), has

been catering to their fi nancial needs,

to some extent, but much more has to

be done.The move by the Government

of India to allow FDI (Foreign Direct

Investment) should be vigorously

pursued.

Infrastructural development: “Timely delivery of effi cient infrastruc-

ture such as effi cient road network,

water supply system, better monitored

health and hygiene provisions,

markets, schools etc is a forerunner

of growth of housing clusters in the

urban centers,” said ManoharShroff,

secretary of MCHI- CREDAI’sNavi

Mumbai unit.

Constructing housing colonies near


17

the industrial corridors would boost

demand for houses and this, in turn,

will act as an incentive for the private

players to invest in the housing sector.

This requires a clear and well defi ned

land allocation/ distribution policy,

taking environmental considerations

into account.

Use of technology & improved construction materials: In India,

traditionally-burnt clay bricks are used

for almost 98 percent of the build-

ing construction activity. In Kerala,

Karnataka and to some extent Tamil

Nadu, stones are used in the majority

of projects. With increasing aware-

ness about the environment and the

government restrictions on quarrying

within forests and other prohibited

areas, the supply of stone is gradually

depleting and these states too will

soon have to turn to bricks.

Brick fi elds consume high fertile

top layer of the agricultural farm

land,rendering it unfi t for cultivation

for several years. This impacts the

agricultural production. This burning

for baking bricks resulted in the emis-

sion of high-pollutant carbon dioxide

into the environment. It is highly

disturbing to note that to meet the an-

nual requirement of 170 million bricks

per annum in India, food production

that can feed an estimated 30 lakh

Indians for the whole year is said to be

sacrifi ced.

Therefore, it’s time to look for some

alternative material to gradually

replace the bricks. Autoclaved Aerated

Concrete (AAC) blocks produced in big

plants or more effi cient and economi-

cal alternative Cellular Lightweight

Concrete (CLC) blocks can be alterna-

tives. The use of these kinds of ma-

terials should be encouraged without

being vigorously hostile against the

brick manufacturing sector. Replace-

ment of the bricks should be gradual

in order to avoid the confl ict in the

highly-labor intensive brick-making

business.

India still depends upon labour-

intensive traditional methods of

construction. A change over, to begin

with, partially to mechanized method-

ologies is called for. Pre-fabrication

methodologies can go a long way in

this respect but how far this will be

adaptable in the Indian conditions is

to be seen.


18

WHAT SHOULD BE DONE TO

ACHIEVE THE TARGET?Reports suggest that the launch of new residential units has dropped in Banga-

lore, Kolkata, Mumbai and Delhi NCR owing to a dip in the demand, especially

in the lower segments. New housing units launched in the fi rst quarter of 2014

stood at 55,500 as against 24,700 in the corresponding period in 2015.Unless

the situation is reversed, the ambitious project ‘HOUSING FOR ALL BY 2022’ will

remain a dream.

Corrective measures in the supply and demand side will have to be formulated.

On the demand side, the government should create a database related to the

needs and formulate the policies for effective fi nancing to help the needy. Re-

vamping the mortgage system is a must. Housing clusters should be, as far as

possible, near the place of work. Adequate and effi cient transport and communi-

cation network should be available.

It is necessary to encourage develop-

ers to construct affordable houses.

Easy land transaction system by

streamlining the land administration

will encourage the developers. Land

records should be improved and a

rational approach towards coastal

regulations should be adopted. The

private sector can participate in the

way of technological solutions, project

fi nancing and delivering.

These measures will make the dream

come true.


19

JumeirahA luxury hotelwith a d i f ference!

The Jumeirah Group

established in

1997 with an

aim to provide

top-notch luxury to people through a

world-class chain of hotels and resorts.

Staying true to its slogan of ‘Stay

Different’, Jumeirahdelivers imagina-

tive and exhilarating experiences in

culturally-connected environments

offering a thoughtful and generous

service. The elegance of Jumeirah is

unfathomable. The world-renowned

Burj Al Arab is today known as the

world’s most luxurious hotel and the

symbol of Dubai.

Jumeirah Group also runs the luxury,

serviced residences brand Jumeirah

Living, the spa brand Talise, Jumeirah

Restaurants, Wild Wadi Water park,

The Emirates Academy of Hospitality

Management, and Sirius, its global

loyalty programme.

Categorized into three different areas,

Jumeirah 1, Jumeirah 2 and Jumeirah

3, the magnifi cence and grandeur of

the place along with the picturesque

setting attracts tourists from all around

the world. Once a major fi shing and

pearl farming centre, Jumeirah over the

years has evolved into one of the city’s

principal residential areas, particu-

larly among elite families and western

expatriates.

Having won numerous travel and

Sonal Waykar


21

tourism awards, Jumeirah has many

feathers in its hat. The chain of hotels

in UAE includes the Burj Al Arab,

Jumeirah Emirates Towers, Jumeirah

Beach Hotel, Madinat Jumeirah,

Jumeirah ZabeelSaray in Dubai and

Jumeirah at Etihad Towers in Abu

Dhabi.

Global Hotels include Jumeirah

Dhevanafushi and Jumeirah Vittaveli

in Maldives, Jumeirah Himalayas Hotel

in Shanghai, Jumeirah Frankfurt in

Germany, Jumeirah Grand Hotel Via

Veneto in Rome, Pera Palace Hotel

Jumeirah in Istanbul, Jumeirah Carlton

Tower and Jumeirah Lowndes Hotel in

London. It also includes two fi ve-star

luxury serviced residences: Jumeirah

Living World Trade Centre in Dubai

and Grosvenor House Apartments by

Jumeirah Living London.

The hotel’s expansion plans include

projects currently under develop-

ment in United Arab Emirates, Kuwait,

China, Jordan, Qatar, Thailand, Egypt,

Morocco, Indonesia, Azerbaijan and

the Caribbean. Also, its future plans

are mapping India as one of the

locations.

The group plans to foray in the coun-

try by 2019 with its fi rst operational

property under the Jumeirahbrand in

Mumbai. Along with that, they plan

to develop other property in Goa.

Jumeirah Group president and Chief

Executive Offi cer, Gerald Lawless

confi rmed the company is contem-

plating to target different locations like

Chennai, Bangalore, Chennai and New

Delhi for further plans.

The hotel will introduce a brand called

‘Venu’ in India. Their vision is to build

75 Jumeirah Properties and 25Venu

properties across the world by 2023.


22

Director of KVK Constructions,Mr. Prashant Thakur in conversation with Pranjal Bhandarkar

about how the industry anddevelopers need to work together to provide

all a better lifestyle.Squarefoot Realty I november 2015

23

According to you,

how can we achieve

the goal of fulfi lling

the mission of creat-

ing 100 Smart Cities

in India?

It depends on which authority takes

up on the smart city project. Ideally

speaking, he must be knowledgeable

and well-travelled. I read reports few

days back that experts from Tel Aviv

are providing us guidance. But before

seeking suggestions from others, we

need to upgrade our way of thinking.

As we know, CIDCO has announced

its ambitious project NAINA which is

an excellent plan. The team leading

the project is extremely brilliant. But

what about that team or the leader

is replaced? Will that project still sail

the same way? I think this wrong. The

whole system should be accommo-

dated in the project. Everyone should

be passionate to bring a change for

our betterment. For smart cities, we

need to dig into minute details for

proper execution. Here CIDCO has

not allotted any space for multi-storey

parking which is why bikes are parked

on the roads. I have traveled to many

cities, but I fail to understand the

Indian mentality. We complain about

everything, but we ignore to acknowl-

edge the fact that we ourselves are

responsible for this state of events.

Every time you cannot blame the

government. However, Smart city is

a great initiative and I am glad that

we are on our way to development.

But people passionate about the plan

should be leading the project.

Problems that we are facing today

will turn so grave in next 5 years.

There are no proper parking facilities,

drainage system and water provi-

sion beyond Panvel. There are borewells in Panvel. So, tell me will a borewell

be enough for a 40 storey building? What about drinking water? There are two

schools nearby – one is for blind and other one is for mentally disabled. Since,

special attention kids have no idea how harmful the water is for their body, they

have started developing rashes. I have the test reports conducted on the water

there. All the projects advertise about amenities, clubhouse, pool, gym, etc. But

what about the day-to-day needs like drinking water, drainage, sewage, basic

transportation, schools and safety for women? I believe that before giving the

permissions to the all the builders, the authorities of MMRDA should think hard

about who will provide all the basic amenities to the residents of that building?

On what grounds did they give permissions to the upcoming projects in Panvel?

Here the process works the other way round – fi rst the building is constructed

and later the facilities start coming up.

If you take a look at Ulwe, development started in 2007 and since last 8 years,

nothing has been achieved. My project in Ulwe was completed in 2010, but my

building received water provision in 2012. There is still no sign of sewage plant

in Ulwe. How can you call that a smart city?

For a smart city, roads should be minimum 100 meters long and every single

road should be 20 meters. No cutbacks. If government wishes to fulfi ll its ambi-

tious projects like smart cities, then they must hire an extremely brilliant, well-


24

learned and passionate people with a

vision on the panel as well.

We travel to foreign locations for

holidays and praise the countries. But

how many of us have given a thought

to why these countries are good? Did

you know Singapore is the 5th largest

man-made plantation? Singapore

doesn’t have its own water; they

borrow it from Malaysia. But still they

managed to achieve grand because

every person in the country is equally

keen on developing their country for

good. On the contrary, in India, we

plant trees only one specifi c occasion

like green day or environment day. But

nobody bothers to take care of those

plants after that day. I think it is high

time we too should improve our vision

like our international counterparts.

Builders too need to stop thinking only

about their profi ts, but what is good

for the society.

What are the basic

amenities that make

a city, smart?

If you plan a smart city with 30

fl yovers, you have to build them

fi rst. The authorities give excuses like

they don’t have budget for the same,

then you make a budget fi rst. If you

are going to allocate certain areas to

certain builders, then take the money

from them to build all these basic

necessities in 5 years. After that, give

them the permissions. People prefer

Navi Mumbai because it is crowned

as the third best livable city in the

country. However, CIDCO, on the other

hand, lacks planning. The current MD

of CIDCO has been taken upon his

sleeve to enhance the conditions of

the city. But the problem is that the

next person serving the 3 year tenure

might not be the same.

Have you participated

in any real estate

events or exhibi-

tions? What are your

thoughts about the

same?

No, I haven’t, but it is a single

platform where you can

discover all the projects. Every person

doesn’t have the time to visit the

builder’s offi ce or to read newspaper

ads. So we should promote such

events meticulously whether you

participate or not as it benefi ts all the

buyers.

Reports suggest that property rates will

witness a 40% fall. Is it true or just another

rumour? What could be the possible reason

behind it?

The next two years are very crucial for real estate as the supply is in

excess in comparison to the number of buyers. 90% of houses remain

vacant. There could be two reasons behind it. One is the location, maybe the

buyers are not happy with the location the projects are coming up. Secondly,

the budget is too high for them. Even two average salaried person together

cannot afford to buy a house in today’s world. Also so many different projects in

the market tend to confuse the buyer. Only CIDCO is being able to make sales

because of its credibility.

According to you, is it the right time to in-

vest?No. Not at all. I cannot lie to you saying that this is the right time as the new

International Airport is coming up soon. Do you know Airport will at least take

10 years? Also, the airport is not the need of a common man. Railways, buses,

bikes, and autos are our basic transportation facilities. The airport will create

plenty of job opportunities, but that won’t increase the property rates. The cur-

rent market rate of Panvel is Rs. 7500/-, but what is the place offering for that

money? There are no good gardens, clubs or restaurants. Karanjade, Ulwe or

other suburbs are developing with better facilities than Panvel.

What are your upcoming projects?

My projects are in Ulwe, Karanjade, Dronagiri and Panvel. But my problem

is that we have to stop struggling with CIDCO for basic facilities. For

my project in Ulwe, they have asked me to construct a septic tank as they don’t

have one. After paying lakhs of infrastructure charges, I need to now build septic

tank. Whereas in Karanjade, my project was completed in Novemeber 2014, but

till date, CIDCO has not provided water in the building. We are facing problems

in the projects built inside the CIDCO property, can you imagine the hell other

projects in the rural areas must be going through? MMRDA’s responsibility is to

give you permissions, it is CIDCO’s job to provide you with all the facilities. And

fi nally we will blame the government.

What modern equipments are used in your

projects?

In my projects, there is a solar system for water and electricity as well. Also,

there is a maximum plantation in all my projects. Not only ground level, but

also vertical. We are focusing on constructing a building that is eco-friendly.


25

With each new day,

residential

spaces are

cropping up

with new amenities and modern technolo-

gies making our lives easier. However, it

doesn’t give the builders a pass to sway

away from the basic requirements. The

most important aspect of this is offering

a premium quality of construction. Apart

from catching a fi re, the worst thing that

could probably happen to your home

is having foundation problems. Having

a strong foundation is what keeps the

building standing tall even in the harshest

weather.

The biggest reason behind foundation

issues is water. If there is wet soil present

beneath the foundation, it pushes the

structure to lose strength in future. There

is a common misconception that leakage

issues can only be found in old construc-

tions. Whether your home is new or been

around for years, waterproofi ng is equally

important.

One of the biggest factors affecting the

longevity of the structure is a waterproof-

ing. A botched up job can not only affect

the selling value of the house, but it can

also own personal property and valuable

assets along with ruining the paint work.

Thus, entangling you in a lifetime vicious

circle of repair troubles which will cost you

heaps of money.

The biggest hurdle is that typical concrete

is not waterproof. Though it keeps the liq-

uid out, water vapour can still easily pass

through it. Thus to prevent this problem

and to build a successful structure, it is

essential to keep the water away from

concrete foundations and assure it doesn’t

move through the concrete.

Is your home ‘leaking’out your peace?

Sonal Waykar


27

• Invest in proper grading around the house. Grading means creating a sloping earth away from the house which

will allow surface water to drain away from the house naturally.

• Regularly clean the gutters and keep an eye if it works fi ne. Also, the gutter should drain far away from the

house. The farther, the better.

• When you dig the house before construction, check how much water runs into the hole to know how much

water will naturally be around the foundation. If it turns out to be a lot, keep the house as high as you can from

the ground.

• Have one rule: There should be a drainage pipe around the window wells. Then install 6 to 8 inches of crushed

stone at the top of the window well and keep the window well clean of mud and debris. If you don’t do this, water

can be trapped in the window well and it can fi nally end up leaking through your basement windows.

Here are afew helpful tips to keep

the waterproofing in the house in check...


28

Navi Mumbai, a bustling city, has emerged as a nerve

center of economic activities with IT parks, heavy

and medium industries located in the Thane-Belapur

industrial zone and much more. Said to be the largest

one in Asia, this industrial zone is situated just 30 kms away from Mumbai, the

fi nancial capital of India. With educational institutes, mega hospitals, projects like

Metro, international airport and the Mumbai Trans-Harbour Link (MTHL) on its

way, Navi Mumbai will only grow bigger and better in future.

Realizing the potential of tremendous growth this planned city has and the need

to provide suffi cient and effi cient socio-economic infrastructure, the government

is focusing on providing the much-

needed transport and communication

network here.

The 27kms Seawoods-Uran suburban

railway link has assumed priority now.

The project, though cleared in the

right earnest initially, has encountered

some problems in land acquisition.

However, top offi cials of the City and

Industrial Development Corporation

(CIDCO) and Central Railway (CR) are

taking due interest and giving neces-

sary boost to solve these problems.

4-5 kms of land acquisition is still

pending, as some land falls under

the forest department and some part

is private land(around 25 hectares),

informed a CIDCO offi cial.The offi cials

are trying hard to clear the formali-

ties of the transfer of the forest land

Seawoods rail link project at snail’s pace

Since land acquisition is

pending, speed of work of

the project is not gathering

speed

Neha Chhabra &

Meena R. Prashant


30

Mumbai Airport Infl uence Notifi ed Area

(NAINA)and the new commercial hub

being constructed at Seawoods with

the new airport.

“The deadline for this ambitious proj-

ect has been extended from Decem-

ber 2016 to 2017. The phase 1 of the

project is expected to be completed by

December 2015 for an approximate

cost of phase 1 is Rs 537 cr. The

phase 2 of the project is expected to

be completed by June 2017 and the

budget allotted for the project is 1276

cr,” said an offi cial from CIDCO.CIDCO

has released 72 cr as on November

26, 2014, he added.

Ranjanpada to Uran railway expansion

work for double line has commenced,

he confi rmed. CIDCO has signed a

tripartite agreement with CR and the

state government in 2011 to under-

take this ambitious project to ease

commute. The ten stations planned

are Seawoods, Sagarsangam (earlier

known as Kille Junction),Targhar,

Bamandongri, Kharkopar, Gavan,

Ranjanpada, Nhava-Sheva, Dronagiri

and Uran.These are all upcoming

business centers.

The three main stations Nhava-Sheva,

Dronagiri and Uran are free of hurdles.

The rail route will ply over a bridge

crossing the Palm Beach Road, thus

avoiding any destruction of man-

groves.When complete, this link will

immensely relieve the stress on Navi

Mumbai’s existing road transport

network and provide a signifi cant eco-

nomic drive for growth to the regions

in and around the route. This will

defi nitely boost the real estate sector

in this suburb.

bordering villages such as Chirle and

Jasai. CIDCO is pursuing the issue

with Raigad collector and is hopeful of

an early transfer.

8.5 kms earthwork has been

completed between Seawoods and

Kharkopar, he said. Once in place,

suburban trains will run from Belapur

to Uranthrough a ‘Y’ junction. It will

also integrate new townships like Navi

-Uran progressing


31

With each day, housing spaces are becoming costlier and

smaller. The problem faced worldwide by all is how

to decorate the home interiors without cramping up

too much space. If you are one of those, who live in a

tiny apartment, but still haven’t fi gured out how to decorate your place, then this

article is exactly what you need.

Multipurpose furniture items are in vogue now. Transforming furniture not only

saves space, but they elevate the elegance of your house in a creative manner.

The designs are adjustable according to your home. There are so many clever

options available, however you just need to have that keen eye to fi nd the one

that will suit your dwelling.

Below are a few designsthat will surely pique your curiosity.

1. A Shelf that hides chairs and tablesThough it might appear as a run-of-the-mill storage shelf, it smartly lets

you fi t a few chairs and tables into it. So whenever you have any guests

over, all you need it to remove the items and you have a coffee table ready.

2. Transformable ottomanAt fi rst glance, it looks like a regular ottoman that you can place besides

your sofa set. But it can be broken down into fi ve different seats. Each

panel acts as a cushion for each side of the ottoman. Quite like the Russian

nesting dolls!

Transforming

Sonal Waykar


32

3. A Bada tableNot everybody has the luxury of keeping a sofa set and a dining table

together in the living room. It is a tough choice between the two. But no

more! This Bada table gives you a table to have your meals together and a

folding section can be lowered to turn it into a loveseat.

5. Ping Pong table doorThis one is for all the sports enthusiasts – A door that magically transforms

into a Ping Pong table! You don’t need to scratch your heads on fi nding

ways to spend time when your friends are over your place the next time.

4. Sofa bunk bedWhen you live in a small apartment, the fi rst thing you worry about when

your family or friends come to stay over is ‘What about sleeping arrange-

ments?’ This sofa bunk bed answers your question. It easily converts into a

bunk bed giving you more space options for sleeping.

your interiors


33

Expresswayto connectMumbai andNagpur !

A trip from Mumbai to Nagpur

has always been a tiresome

journey. However, the State

Government decided to ease

all your troubles by announcing to

build a highway connecting the two

cities. Known as Maharashtra State

Highway, it will slash down the time

taken to travel between Mumbai and

Nagpur to mere 10 hours!

Along with Nagpur, it will connect

Aurangabad with the capital city of

Maharashtra via the same-link route.

Surprisingly, it will take less than the

distance covered by NH 6. It is said

that the highway will save 65 km of

distance between the two cities. If de-

veloped with 4 lane basis, as declared

earlier by the State Public Works

Dept., this highway can save more

Sonal Waykar


35


36

than 8 hours of time between Nagpur

and Mumbai, as compared to NH 6.

Expected to be completed by the

end of 2019, the project received its

approval on 23 Dec 1999. However,

it was only by 2011 that almost 60%

of the work was fi nished. The Express

Highway is expected to share the

major direct road traffi c between

Mumbai and Nagpur, including almost

30%-40% of traffi c from NH 6.

Along the way, it will connect the

industrial places at Wardha, Buti-

bori, Jalna, Amravati, Shendra, Waluj,

Chikalthana and Sinnar. This will help

to boost the employment in this belt

of Industrial area. For tourists and

travelers, it is a great piece of news

as they can now explore the areas

of Sindkhedraja, Karanja (Lad), Verul,

Sewagram, Lonar and Shirdi.

The total length of the expressway is

700 kms. The highway is the part of

Maharashtra State. The highway was

built after the approval received from

government for connecting Nagpur

and Aurangabad in the state of Maha-

rashtra to Mumbai. The total worth of

this project is Rs. 3000 crore.

The government’s decision has

several signifi cant socioeconomic

and political aspects. The honour-

able chief minister of Maharashtra,

Devendra Fadnavis announced this

project in the state legislative as-

sembly. He explained the sole motive

of the expressway is to improve the

road communication, crisscrossing

and connecting backwards regions.

Adding to drastically cutting short the

distance between Mumbai-Nagpur to

mere 10 hours travel, it will connect

the backward regions of Vidarbha,

part of North Maharashtra and

Marathwada.

The execution of the plan will be car-

ried out in two phases. The deadline

decided for the completion of the

project is 2019. The route covering

Mumbai, Aurangabad and Nagpur will

have CCTV installations, optic fi bre

and educational institutions. In the

fi rst phase beginning 2015 end, it

will complete 4 lanes and later in the

second half six lanes.

During the meeting of the board of

directors of Maharashtra State Road

Development Corporation (MSRDC),

Ernst and Young was appointed as the

consultant for the project.

Not to repeat the accident history

of the Mumbai-Pune Expressway,

MSRDC has also decided to install

Brifen Wire Rope Safety Fence along

the divider at the 95 km expressway.

These ropes will be helpful in holding

back a vehicle during any mishap that

could possibly spiral out of control into

oncoming traffi c from the opposite

direction. Along with it, there will

be washrooms every 20 km for the

convenience of the travelers.

At the board meeting, it was also

decided that a trauma centre will be

construction on the highway at Ozarde

Village. The project also incorporates

an air ambulance service and four

Quick Response Vehicles for accident

victims.

However, the question of the hour is –

how would the government fi nancially

implement and make it feasible?

Well, only time can answer that

question. We can only hope that the

project will help to further enhance

the development of the golden triangle

of Mumbai-Pune-Nashik economically

and develop the backward regions of

the state.


37

In an exclusive interview with

Pranjal Bhandarkar, Chief Architect of Adhiraj Constructions,

Mr. Christopher Gomes explains that

planning and execution isthe integral part


38

of any projectWhat new innovations in building technology

are you using to boost construction? Currently, we are using a technology called Mivan that is used in formwork and

helps to reduce the number of days in slab cycles. It also boosts the quality of

concrete as well as the construction. Mivan is one of the major innovations that

work best for high rise buildings that looks after every issue that is encountered

during the construction. Our buildings are G+55, so we tend to use this modern

technology. We also prefer using environmental friendly materials and innova-

tions in our specifi cation in plumbing and glazing.

How did you emerge as a trend-setter in the

real estate fi eld?Yes. Adhiraj group has established a name in this area in Navi Mumbai. We have

been in the business for last 10 years. We have built a residential complex and

later we extended it by adding Phase II to it. Recently we launched a project

of 40 acres that will be a complete township offering a different lifestyle and

holistic outlook to the design.

Is the lack of skilled labour affecting the

industry?Yes, it is. To provide a solution, we have to adopt technology that helps us

overcome these issues. As we know, the construction industry is immensely

labour-intensive. Hence we must keep looking for ways and means to reduce the

labour component by industrialization.

Time and again, builders have demanded

single-window clearance. Will that ever see

the light of the day? It is on the wish list for every developer in the industry. However, if we are unable

to achieve it, our next preference should be implementing a transparent and

stable frame of rules that all builders can adopt. CIDCO is fortunate that since

Navi Mumbai is a planned city, the framework of rules is set and they don’t

change so often. But in urban areas like Mumbai, the rules keep changing every

now and then affecting everybody in question.

People constantly complain about the delays in construction, which is why it is

ideal to have a single window clearance. If not, the next best thing we can hope

for is a speedy and transparent process for rules.

Tell us about your upcoming projects? As I earlier mentioned, we have launched a 40 acre residential complex project.

It is planned to be built as a mini township which will have 6000 units of 2 BHK

and 3 BHK catering to needs of all. The project also includes shopping malls,

active and passive recreation zones for public and relaxing spots for senior

citizens.

In near future, we also aim to open schools and other amenities around the

place. The building is a G+55 storey project on the periphery of Kharghar. The

city has good connectivity in terms of railways and roadways both. Its close

proximity to Navi Mumbai Airport also makes it a good catch.

In past few years, there has been infl ation in real estate prices and areas like

Kharghar are considered as a great potential. The real reason behind this rise in

prices is that western suburbs have slowed down a bit and also the quality of life

there is slightly different from Navi Mumbai. Also, in areas like Malad or Borivali,

connectivity is an issue. Hence, Navi Mumbai is rising as a star in real estate

sector off lately.


39

Navi Mumbai

Metro, a

rapid transit

system,

planned and being executed by CIDCO

when complete will act as a catalyst

to the faster growth of the cousin city

of Mumbai.

Envisaged to connect CBD-BELAPUR

to KHANDESHWAR, this 23 odd Km

route will be completed in three stag-

es and will consist of 20 stations. The

fi rst section comprises of the 11.1 Km

Belapur – Pendhar division. Further

ahead is the 8.35 Km of Khandeshwar

– Taloja part and fi nally ending with

the 2 KM Taloja – Pendhar intercon-

nection corridor.

The fi rst stage involves construc-

tion from BELAPUR - PENDHAR

- 11.10 Km having 10 railway

stations namely Belapur railway

station, Sector – 7,Belapur Sci-

ence Park, Utsav Chowk,Sector-

14,CentralPark,Pethapada,Sector-

34,Panchnand and Pendhar

approximate cost Rs.1,984 Crore.

The 8.35 km KHANDESHWAR-

TALOJA MIDC, costing approximately

Rs. 1,605 Crore will be the second

stage. Khandeshwar railway station,

Sector-10, Kamothe, Sector- 2E

Kalamboli, Sector-7EKalamboli, Sec-

tor- 10E, Kalamboli, Kasadi and two

railway stations in the MIDC area are

the stations planned.

Costing (approx.) Rs. 570 Crore, the

two above corridors shall be joined

together between PENDHAR & MIDC

with a 2.2 Km link.

Maharashtra’s Chief Minister, Prith-

virajChavan laid the foundation stone

of the Metro on May 1, 201, while the

general foundation work of Phase I

commenced in October 2011.

The construction work on the phase I

is expected to be completed by 2017.

The phase had been approved Rs

2800 crore, out of which works worth

Rs. 2,200 crore has been accom-

plished. Remaining operations worth

Rs. 500 crores is expected to be

concluded soon.

The entire project is expected to be

completed within a period of fi ve

years. The METRO will connect the

NAVI-MUMBAI international airport.

The original deadline of the Belapur-

Pendhar section was March 2014

which however CIDCO failed to deliver

due to the expansion in the project by

increasing the width of the coaches

from 2.9 meters to 3.2 meters so as

to align with the Mumbai Metro.

As per the CIDCO offi cials, more than

70 percent of civil work of via duct is

fi nished, while around 55 percent of

work at the 11 stations is still under

its way. Alongside, works on the Metro

Depot at Taloja have begun too, of

which 15 to 20 percent is already

accomplished.

Further ahead, CIDCO plans to extend

the Metro service up to Kalyan and

Ulhasnagar to improve the connectiv-

ity between these suburbs and Navi

Mumbai.

This will complete the project which

is expected to be highly economically

viable, since it passes through highly

densely, populated human settle-

ments.

When completed this Rs. 4,163

Crore METRO RAIL CORRIDOR will

connect the second METRO line at

MANKHURD.

Metr o Calling!Metr


40

Metr o Calling! o Calling!


41

Established as an autonomous

self-regulatory body in 1998,

National Real Estate Develop-

ment Council (NAREDCO)

strives to be the collective force

infl uencing and shaping the real

estate industry. NAREDCO acts as the

apex national body, providing a single

platform for the Government, industry

and the public to discuss various

problems and opportunities with an

aim of fi nding a speedy resolution to

all the issues. It was formed with the

mandate to induce transparency and

ethics in real estate business and

transform the unorganized Indian real

estate sector into a matured and glob-

ally competitive business sector.

NAREDCO works to create and sustain

an environment conducive to the growth of real estate industry in

India, partnering industry and government alike through advisory

and consultative processes.

While a non-profi t body, APREA represents the real estate invest-

ment industry in Asia-Pacifi c. The organization also provides

its views to governments in order to help forge a more globally

competitive real estate industry. APREA has chapters in eight coun-

tries - Hong Kong, Japan, Singapore, Australia, India, Philippines,

Malaysia, and China.

In association with APREA, NAREDCO hosted a two-day Real Estate

& Infrastructure Investors’ Summit in Mumbai on October 5 – 6,

2015. This summit will provide a pivotal platform for real estate

developers to interact with investors and global leaders, including

the Government of Singapore Investment Corporation (GIC), KKR,

Cornerstone, Morgan Stanley amongst others.

To bridge the huge capital requirement of the industry, we need to

attract global funding for the Indian real estate sector. The basic

aim in hosting this summit is to create a perfect platform bringing

together PE players from across the globe and

Indian developers on the same dais. This summit

will raise awareness about the ongoing moderniza-

tion of India’s fi nancial systems and the nation’s

economic fundamentals.

Along with many bigwigs, honourable Chief Min-

ister of Maharashtra, Mr. Devendra Fadnavis too

graced the event with his presence.

NAREDCO & APREA REAL ESTATE AND INFRASTRUCTURE

INVESTORS’ SUMMIT 2015


42

Day 2 of the summit primarily

discussed issues concerning policy

initiatives and foreign investment

norms, signifi cant opportunities and

challenges that the real estate sector

presents, key investment themes

prevalent in the real estate sector and

India’s standing as a global invest-

ment destination.

There were interactive sessions re-

garding how Affordable Housing could

be a potential game changer for the

industry, is innovation, aspiration and

promotion suffi cient to make potential

customers happy for luxury or second

homes. Session 2 was about sharing

views on how to promote suburban

townships, innovative fi nancing and its

mechanisms.

The event was a grand success.

Several corporate honchos from the

construction and urban infrastruc-

ture industries, urban planners, top

developers, private equity fi rms,

housing fi nance companies and banks

also joined the summit to share their

thoughts.

Sonal Waykar


43

Buying their own house

has always been a dream

of every individual in this

world. However, due to

obstacles in their paths, they stuck

with the age-old question of renting

over buying. Even after so many

years, the answer to this question

is not something that comes

easily to anyone. Be a beginner or

a professional, this dilemma has

managed to stump everyone’s

brains out. For some, renting is a

wasting your money as the same

amount can count to buying a

huge asset for self, while for others

renting a place in close proximity

to their work and convenience of

other needs is what matters more.

With property rates shooting up

every single day, most people opt

for leasing a place. For example,

in a suburb like Kharghar, a 2BHK

would cost you no less than 1

crore. Even if you wish to buy such

a house, it will dig a hole of 1lakh

as EMI in your pocket every month.

The same house is available for

a rent of Rs. 12000. So people

The big debate:

TO BUYOR TO RENT?

believe it is a wise decision to take a house for rent.

On the other hand, if you plan to live in one place for a long term and the real estate

sector offers a steady appreciation in the property rates, one would suggest you

invest in buying a house instead. Also, buying your own house imparts a sense of

stability and security since many a times you have to move house every 2-3 years

as landlords are reluctant to offer long-term leases.

Even after studying both sides of the coin hard enough, what decision you might

take depends on your personal circumstances at that moment. However, SquareFoot

is here to help you make that decision by asking you a few questions.

Sonal Waykar


45


46

How long do you planto stay in the same place?The answer to this question is pretty obvious. The longer you stay, the better you

are off buying. So anywhere more than 5 years, don’t rent. Buy.

Is your job secure? If your professional life isn’t stable and you are unable to manage your monthly

expenses properly, we wouldn’t suggest you to chain yourself into a mortgage.

Buying a house and selling it a year later to relocate is likely to cost you some

money.

What about down payment?So, your monthly salary can bear the burden of EMI, but have you given a

thought about down payments? It is better to buy only if you have enough sav-

ings to pay a higher down payment as it means a lower mortgage payment.

Do you have money for repairs?Once you buy a house, gone are those days when you make a call to the owner

and he takes care of that broken tiles, leaking taps or cracked roofs. Even new

homes sometimes need repairs. Make sure you are capable fi nancially as well

as mentally to take care of them.

The big debate:

TO BUYOR TO RENT?


47

Director of Qualcon,

Deepa Mehta tells Pranjal Bhandarkar

Why Qualcon is one of thepioneers in the real estate industry.


49

Even with modern technologies creeping up

the construction industry, buyers still

consider Vastu or Feng Shui before buying

a house. How do you incorporate their

requirements into your projects? We, ourselves, are stern believers of Vastu. Hence, a great amount of attention is

given while designing, that our projects are Vastu compliant. 90% of our clients

ask for homes designed as per Vastu norms. Hence, generally, it does not pose

a problem with our customers. However, if we come across buyers who are not

into Vastu or Feng Shui, we have a few fl ats designed for them as well.

There are times when a customer is not

satisfi ed with the home or has any complaint

regarding certain issues. What is your

approach to deal with such scenarios?Yes, every developer faces such situations. Every buyer comes with a different

approach and have different choices. It is our responsibility to try our best to

meet their requirements. However, at times due to unforeseen or unavoidable

circumstances, it happens that we fail to deliver for some clients. But, we

ensure that those errors are rectifi ed and are not repeated again.

Like every sector, real estate too is

expanding with many developers

launching their projects. How do you

cope with the competition? I don’t think we are in any race or trying to ace the competition as the category

that we are catering to have a huge requirement. And since supply is less than

demand, we are not facing any competition. Qualcon itself has a reputation in

the market.

Do you think that the real estate scenario will

improve if RBI eases norms?Defi nitely yes. Many people are fi nding it diffi cult to buy their dream homes

due to this problem. RBI’s strict rules and regulations are posing a hindrance

in getting loans. But if RBI decides to ease down their norms, it will change the

current scenario in a positive way.

Please tell us about Qualcon’s upcoming

projects. We are currently working on an upcoming project in Rasaini. Following the smart

housing concept, the project offers budget homes that everyone can afford.

Starting with merely Rs. 6 lacs, it makes buying house easily accessible for all.


50

HAVELLSPLANS TO MAKE

SMART CITIESSHINE!With

technology making our lives easier every

day, the concept of smart cities is the perfect

solution to the problems we face at our

residential places due to improper planning.

Along with being eco-friendly, they make living more comfortable.

On a global level, smart city is not a new term. Barcelona is one such

smart city. Today, you can witness the street lighting and water fountains

with remote control access. Also, they have developed a programme

that enables watering of green spaces across the city remotely. Even

the UAE is setting an example by building a city called Masdar that will

promote carbon neutralization and zero waste environment.

Sonal Waykar


51

Following the trend, India doesn’t want to fall back. A few smart cities are

already in the making across many states, namely Kochi Smart City, Wave

Infratech’s 4500-acre smart city near New Delhi, Naya Raipur in Chhattishgarh

and Gujrat International Finance Tec-City in Ahmedabad.

Last year, when Prime Minister Narendra Modi announced an ambitious project

to build 100 smart cities across the country, many electrical companies saw

this as the perfect opportunity to expand their business. One such company is

Havells.

The electrical goods manufacturer wishes to lighten up the whole country by


52

capitalizing on government’s smart

city projects. They have developed

a strategy for introducing new

technology-driven lighting products

and home appliances.

The CMD of Havells India, Anil Rai

Gupta fi nds a great potential in the

Smart City project and is hopeful that

it will open up a new world of endless

Havells currently hold high hopes for light-emitting diode (LED) products and is

expected to generate revenue of around Rs 600 crores from them in two years.

There is an estimate of a 14% rise in the revenue of the lighting segment as

compared to last fi scal’s 24%.

Gupta said that the company aims to reinforce the strategy for its position in the

switch gear market. Out of the two brands, Havells and Standard, they recently

launched Miniature Circuit Breaker under the former name. Of the Rs 2000

crore switch gear market, Havells’ share is about Rs 400 crore. However, the

company targets Rs 650 crore.

avenues for the company to do busi-

ness. The key area of focus for Havells

is Home Automation, where fan

and light sources can be wirelessly

controlled from anywhere in the world.

They are working on partnerships

to get hold of software and network

support from other international fi rms

for the project.


53

From an architect’s point of view,

what is the key to designing an

affordable home? In suburban

localities, space is limited, how can

a developer design an affordable

house in the city?For designing any project, you need to have a vision that

comes from when you understand the needs of the customer.

So that’s the start point for any construction. If we talk about

Omkar as a brand, whatever we do, it starts with a vision.

Now in a place like Mumbai, the space is scarce and it’s really

diffi cult for designing an affordable house because as you start

expanding vertically, the cost of construction keeps on increas-

ing. It has to be balanced with faster construction, optimal

specifi cations, and effi cient design. Today, any construction,

we want to fi t in the city has to be very effi cient and faster. We

have the best of the structure designers working in India today.

People who know how to design World Trade Centre, Burj

Khalifa are in India. We are having best of the world in India.

How do we use them in a right manner? That’s what we as a

developer needs to be conscious about. So affordable team will

come and will reiterate the affordable scene in Mumbai. The

team will come with effi cient design, optimum specifi cations,

and faster construction methods. That’s how we can have

affordable housing in Mumbai.

President-EPC,

Mr. Raman Sapru of Omkar Realtors shares his

expert knowledge about c with Pranjal Bhandarkar.


54

Nowadays in Mumbai, there are reports

about green home development and smart

cities. What do you think about that? Identifying a smart city as a place where living can get better, effi cient, fast and

comfortable. That is what can be defi ned as a smart city. We defi nitely can try to

improve the lifestyle and make it effi cient. On the other hand, a green building

is a global requirement. We need to reduce the carbon footprint because of the

global environment issue. The only way to do it is by using fossil fuels and transit

towards using more renewable type of energy like solar energy, wind energy or

recycling. This will actually help us in making buildings more sustainable. It is

more of a norm today. All the developers in Mumbai consider all these factors

while constructing the building.

Off lately, Millennial are entering the real

estate scenarios. What advice would you give

to such young people who are looking for-

ward to invest in buying their own home?Millennial have raw energy with them. In terms of real estate, they have to be

realistic about it. It is not an investment instrument where you are investing

money with an expectation that it will grow. People will have to be very conser-

vative about the properties they are buying. Everybody wants to stay in a more

hygienic place, a proper shelter. But if you are buying a home as an investment,

it may not be the right decision. It is end user’s perspective. If you buy a house,

you have to imagine you are going to stay in it. So what is the type of property

you will buy? Is it fulfi lling your criteria? Then only go ahead for it. Just don’t buy

properties on impulse. It is a long term decision. Be thoughtful about it and then

only go for it. That’s what I will suggest to all of them.

So Prime Minister has said that by 2022 ev-

eryone should have a house. But as we see,

all the projects are getting delayed. How can

we meet that deadline?

Housing for all by 2022 will need man, material and money. It has to be available

to deliver the end result. However, I believe if there is a will, then there is a way.

So I am sure it will happen.

So today most of the people complain about projects getting delayed. There are

two aspects to it. One is the regulatory aspect. You don’t get timely permissions

or are faced with other obstacles. Secondly, there is not robust support industry

in India for construction. Otherwise what is a building? It is an assembly of

parts. But it is a manufacturer who manufactures the components. But in real

estate, there are not many manufacturers. We don’t have the right resources.

There is a constraint in the support industry. So that is one thing that needs to

grow. Second part is how we can make the construction faster. We can achieve

that with the right type of technology for civil works, shuttering, logistics and

equipments. Traditional shuttering has been replaced with modern shuttering.

Obviously, over next few years, construction is going to become faster. With right

technology, right management and right support industry, we will get through it

with the passage of time.

onstruction

In comparison to our international counter-

parts, is India equipped with the latest tech-

nology to have natural disaster proof homes?

What are the design perspectives needed

by a builder to safeguard consumer against

such a calamity?Mumbai is a global city now. If disaster management is concerned, are we

equipped to manage the disaster? So I will divide it in two ways – internal and

external. As far as internal infrastructure is concerned, we have the best equip-

ments, management, and designers for the project. So your building is built to

the world standards. The second part of the building is the external infrastruc-

ture. It takes into account the way people react in case of a natural calamity.

That is something we need to improve. We have the best of buildings today like

any other developed part of the world. They are quite safe and secured. All that

needs improvement is the external conditions.

With the rise in popularity about solar energy,

wouldn’t it help to build a building with solar

power to care of at least the basic require-

ments of energy? How are developers plan-

ning to incorporate means of solar energies

in their projects?Any renewable energy is the most wanted energy. Whether it’s solar, wind or it is

any other type of energy, from the green footprint concept, or from the way fossil

fuel is conserved, so any renewable energy is the most welcome. All developers

are using solar energy in one or the other way for easing out the power require-

ment. But as you know the building footprint in Mumbai is very less, so more

horizontal spaces are not there. You don’t have that much generation of the solar

power. So it is a limitation because we need space for solar farms. But yes to

some extent, the developers are using solar energy in the buildings for conser-

vation of energy. That’s a welcome step. But is it suffi cient? Maybe. We need a

lot of improvement in that. Is it going to be sustainable? Yes. But over the period

of time, the buildings will degenerate. You will need some sort of maintenance to

these solar energy projects. We need to see if they can become sustainable in a

building project.


55

TILESTILESSPEAKSPEAK Check out

latest trends intile and ceramics


57

Sheela Kothari was bored of

the old look her home wore

and wanted togive it a fresh

look. When she went shop-

ping for tile store designs, she was

pleasantly surprised to see such a lot

of variety in the market.

Products of different ranges and

materials have now fl ooded the local

markets. Gone are the days when

one had to choose from a limited

few.Customers are spoilt for choice

as manufacturers are churning out

myriad competitive and aesthetic

products. The designs help create

cosmopolitan, urban and modern

vibes in your environment.

Rustic fi nish is seen a lot lately but

people are again looking for some-

thing new. Handmade tiles, mosaic

and geometrical forms from 70’s are

back in vogue.

No matter what type of space it is –

working space, living room or restpad,

achieving a proper balance of utility

and design is most essential. Tile can

help you achieve this. Using tiles of

varied forms, colors and textures can

Falguni Banerjee


58

lend the room the required ambience.

Tiles can completely transform a space, if used in the right fi nish

and color at required place. The tile industry has evolved with va-

riety and acceptability for all types of tiles. Rustic fi nish tiles, matt

and Lapato fi nish are preferred these days. Tiles with a matte or

semi-gloss fi nish lets you create a softer, more livable feel.


59

The popularity of large-format tiles

continues to snowball. Thus, tile

producers as well as setting material

manufacturers are continually working

to develop new products to meet the

demand. Ceramic tile is getting bigger,

literally. Tile in formats larger tan the

standard 12x12 inches are growing in

popularity, though regional prefer-

ences vary.

Digital prints on ceramics is an other

fad. Wood and stone-look ceramic

tiles have many takers. They create

strong, robust, elegant and delicate

spaces.

The new digital inkjet technology has

only made things easier for manu-

facturers. Popular designs are being

recreated for the retro look. The sky is

the limit, truly.

With advances in technology, ceramic

today is getting roughed up a bit.

Gone are the days of basic fl at tile.

Today, texture is everywhere. Just

take a walkthrough a tile showroom

and use your hands a little. You will be

surprised to fi nd a treasure trove of

textured tiles on display.

Customers are embracing and en-

couraging this new trend of textured

tiles in surface fi nishes.

The wood look and large formats have

invaded kitchens and bathrooms too.

Luminescent glass is among the top

choices. Pencil tiles, and metallic fi n-

ishes expand the defi nition of mosaic

in designs this year. Manufacturers

are trying their level best to produce

tiles that make your personal space as

warm, lively and inviting as possible,

while meeting the statutory functional

requirements.

Hexagons create spectacular

atmospheres that climb a step in

style. They combine geometry and

ornamentation. They are youthful and

cosy for casual spaces. Certain latest

tiles play with geometry to give your

atmosphere a touch of creativity. At-

tractive metal tones are in.

Classic neutrals are rubbing shoulders

with pastel blues and greens. Peach,

coral, and purple will also become ba-

sic backdrops for the other elements

in a room design. The technological

precision helps get shine fi nish and

cosy simplicity.

The eco-friendly buzz has caught up

with ceramic manufacturers and all

efforts are being taken to develop

environmentally-friendly materials.


60

Home awayHome away from Home! from Home!

After a long, tiring week, everyone

zooms off their car to a serene

place to break from the mundane

life. With a plethora of options

available, driving off to a beautiful landscape

is now a usual activity. And if you fall in love

with one particular spot, buying a second

home there is an increasingly popular

phenomenon lately.

Vacation home is a dream that everyone

wishes to live in reality. Hence, your second

home must be in a place where you can

forget your stress and cherish the small

joys of life. Surrounded by abundant nature,

spectacular views, lush greens and a breath

of fresh air - these are a few things that

your second home location should offer. If

you are clueless or confused about which

place to zero in, here are a few suggestions

from us.

Sonal Waykar


61

AlibaugWho needs Goa when you can have your own home near a scenic beach loca-

tion at Alibaug? 110 kms away from the hustle and bustle of Mumbai, Alibaug is

the perfect choice to let down your hair and relax as sand slip off your toes while

ocean waves hits your skin. Its proximity to the city makes it an attractive option

for home buyers to invest. Apart from that, this idyllic town is also popular due to

its pristine beaches, natural cold climate, historical forts and ancient churches.

In the past few years, Alibaug has witnessed a growth in real estate sector and

emerged as a hotspot for a holiday home.

Roha120 Km southeast of Mumbai lies a small town of Roha in the Raigad district.

With each passing day, Roha’s realty is offering lucrative investment opportuni-

ties for the public. Development of infrastructure and chemical industries is

attracting people to buy residential properties in Roha. Situated quite above sea

level, this stunning location gives you a panoramic view of fog-clad mountains,

bringing you close to the nature. The vast beaches of Murud Janjira are close by

and there are many tourist spots in the city to spend your time.


62

DapoliAlso known as the Mahabaleshwar of Konkan, Dapoli in Ratnagiri

district is blessed with generous natural beauty. Since it is located at

a height of about 800 feet above sea level, you can enjoy a cool cli-

mate all year round. Though all the houses have modern amenities,

a rural touch has still been kept alive. Unfathomable sea view, ample

greenery and lavish plantations are reasons enough for you to free

your minds from the shackles of city life and stress. Many second

home buyers are eyeing this destination booming the real estate

investments in the coastal areas of Konkan tremendously.

KarjatLocated right in the middle of two hubs – Mumbai and Pune, Karjat

is one of the best sought-after destinations for second homes.

With many bigwigs investing there, the town has been gaining a lot

of popularity lately. Though the place is procuring a title of being

educational hub, Karjat has maintained to be free of industrializa-

tion. Tranquil environment, luxurious greens and blissful sounds of

waterfalls.. Do we need to say more?

LonavlaIf you are a hill or mountain person, we would say look nothing beyond Lonavala. Hardly

a two and half hour drive away from the bustling crowd of Mumbai, this picturesque hill

station located in the Sahyadri range will make you fall in love with it. Along with attrac-

tions like Bushi Dam, Ryewood Park and others, there are many trekking trails to keep

you busy on your holiday. Being is close vicinity to Mumbai and Pune is one of the major

reasons that realty was booming in Lonavla in the past few years. Also, tourists fl ock this

town throughout the year thus increasing the demand of holiday homes here.


63

Monorail

This 8.93 kms line has

increased the accessibility be-

tween Wadala and Chembur.

Inaugurated last year, Monorail

brought along, real estate price hikes

in the harbour regions. Since phase I

was quite a success, the next phase

will commence next year and provide

connectivity between Wadala, Lower

Parel and Mahalaxmi.

1

InfrastructureDevelopments that have changed the face of Mumbai

Mumbai has seen multiple delays in the construction of major development projects in the

past, but 2015 was a lucky year as Mumbaikars were gifted new means of commute

that has redefi ned their way of life. These 5 infrastructure developments gave Mumbai a

makeover…

Sonal Waykar


65

EasternFreeway

With traffi c on the roads

of Mumbai increasing

with each day, this 16.8

km long signal-free

stretch is a boon for all. Constructed

between Fort and Eastern Express

Highway in Ghatkopar, the Freeway

reduces the commuting time to

South Mumbai. This zoomed up

the demand for commercial and

residential properties in Chembur

and Ghatkopar.

2


66

Santacruz – Chembur Link Road

This is India’s fi rst double-decker fl yover! The 6.45 km six-lane road starts from VakolaJunntion and

travels far up to the Amar Mahal junction. Also known as the Western Freeway, it was opened last

year to all commuters providing the much needed east-west connectivity. Property rates of all the

areas near the access point of SCLR have shot up signifi cantly.

3


67

Metro Rail

The phase I of Mumbai Metro

Rail connecting the western

suburbs to the eastern ones

was one of the biggest

highlights of last year. This 11 km

stretch passes through Versova to

reachGhatkopar, bringing the travel

time down by almost 75%. Phase II

implementation will soon start and

connect Charkop to Mankhurd and

Colaba to Seepz.

4


68

Sahar Elevated Access Road

This 2.2 kms long road con-

nects the Western Express

Highway seamlessly with

the ChhatrapatiShivaji Inter-

national Airport. Avoiding the traffi c

on the Andheri-Kurla road, you can

now reach the airport in a mere 5

minutes from the highway.

5


69

a ho Media reports state the realty industry is

facing an all-time low due to a lull in the

market. Is that true? What is the correct

situation? How are builders coping?Market scenario depends upon many facts. However,government policies play

a very important role and have direct impact on the realty sector.The media has

been doing its bit. People rely on media inputs. There was a time when the mar-

ket really hit an all-time low. Nevertheless, now the scenario is slowly changing.

Builders offering affordable housing projects are faring well.

There is a lot of buzz about ‘affordable

housing’. Is housing really ‘affordable’ or just

another buzz in the air?Affordable housing is a fact. Prime Minister Narendra Modi’s initiative ‘House For

All’ will be a reality soon.

Are there any new investment ideas/

models that builders are toying with to lure

customers?Affordable housing with amenities to live a good life is what people want. There

is a lot of demand for houses in Navi Mumbai.However, there are issues related

to land acquisitionfrom the development authorityCity and Industrial Develop-

ment Corporation (CIDCO). Once these issues are sorted, builders will be able to

construct more homes to fi t the budgets of all segments of the society.

Swimming pool, gyms, indoor games

is passé. What new kind of amenities are

builders providing in upcoming project

these days?Amenities depend upon each project’s budget and allocation. However, the

above amenities like swimming pool, gyms, indoor games, jogging tracks,

cycling trackers continue to be in demand. In bigger projects with ample space,

developers are now providing additional amenities like markets, mini theaters

and golf course. In short,builders are creating a completely new world for people

to live luxuriously.

Tell us about your new projects?Our major projects are based on an affordable housing concept. We have

projects coming up in Ulwe, Panvel. We even have projects coming up in

Chembur and Bandra. We give a breathing time to buyers. They only have to pay

10 percent at the time of booking. The rest of the money needs to be paid in 2

years, thus making the dream of many home buyers a reality.


70

In an exclusive interview,

the chairman of Lakhani Group, Vijay Lakhani tells Meena R Prashant

he wishes to create me for every individual


71

THE MECCA OFTHE MECCA OFREAL ESTATE!REAL ESTATE!

MCHI-CREDAI Property 2015- 25th Real Estate and Housing Finance Exhibition


73

The Maharashtra Chamber of Housing Industry (MCHI-

CREDAI), formed in 1982, is the most prominent and

the only recognized body of Real Estate Developers in

Mumbai and MMR. It brings together members dealing

in Real Estate Development on one common platform to address various issues

facing the Industry. With a strong Membership of over 1800 leading Developers

in Mumbai and The MCHI-CREDAI has expanded across MMR, having its own

units in Thane, Kalyan -Dombivali, Mira - Virar City, Raigad and Navi Mumbai.

Members account for 80% of the organized Development of new residential and

commercial properties in Mumbai and MMR. It is recognized by Government of

Maharashtra and the Central Govern-

ment and helps in meeting their

objectives of providing housing, which

is a basic necessity.

MCHI-CREDAI works towards raising

awareness among the General Public,

Real Estate and Construction Industry

while providing them with detailed

information on new developments in


74

and around Mumbai and MMR. It is a Member of Confederation of Real Estate

Developers’ Associations of India (CREDAI) the apex body for Private Real Estate

Developers in India and is also affi liated with leading Industry Associations like

CII, FICCI, IMC and others.

The MCHI-CREDAI Property Exhibition series has created its niche in the last 15

years with its 24 Editions. The 25th Edition is a deserving celebration for the real

estate industry, sketched out to be a 4 day on ground event. It will start from

29th October to 1 November 2015 following 21 days of online expo.

The event will see attendance of bigwigs from various industries - Developers,

Bankers, Engineers, Architects and

planners, Marketing and Sales, Chan-

nel partners, Advertising agencies, HR

departments, Business Development

and Redevelopment personnel, Policy

makers and so on.

Be prepared to be left spell bound

with its size, its execution, its media

coverage and meticulous planning.


75

A foreword from c Dharmesh Jain,

President, MCHI-CREDAI

After 24 successful editions of Property

Exhibitions of MCHI-CREDAI, we are glad

to present the Silver Jubilee edition of the

largest Real Estate and Housing Finance

Exhibition of India. We aim to make this event an

unforgettable experience for every participant.

With a history of of 15 years, MCHI-CREDAI has

managed to earn its own identity in the world

of real estate. It is a matter of pride for us that

through our events, many people in Mumbai have

become proud owners of homes or offi ces. The

Silver Jubilee yearns to be special one where

there will be many fi rsts like – the biggest area,

housing fi nance options, exciting media blitzkrieg

across all mediums. At our 23rd edition, we started

partitioning the exhibition area into zones of Patron,

Western, Central and Rest of Maharashtra. There

will be a new addition to it this time – ‘Affordable

Housing’ zone.

We are sure that the exhibition will showcase the

best properties in the most effective manner and

will take the customer experience to the next level.

We at MCHI-CREDAI are putting in our best efforts

to make this special event a grand success.


76

ommittee membersBandish Ajmera,

Chairman,

MCHI-CREDAI

Bounded by the legacy of successful

24 exhibitions and 15 years of hard

work, we have created a bench-

mark for ourselves through MCHI-

CREDAI. Today the event follow the values

of authenticity, integrity and transparency.

We expect that the 25th edition will open a

world of opportunities for real estate frater-

nity and allied industries. However, I would

like to bring focus to the major highlight of

this event which is a dedicated section on

‘Affordable Housing’ for budget buyers.

To lighten up the event, there will be a

‘Home Shopping Carnival’ where loads of

goodies would be distributed amongst the

visitors booking the fl ats. Also, there will

be lucky draws every day. Our objective is

to give a platform to every visitor who can

make the best out of this opportunity as the

event will let you explore multiple facets

of the real estate market and real estate

industries.


77

Dr. Bino Paul,

Dean of Tata Institute of Social Sciences discusses with Pranjal Bhandarkar

the current condition ofskilled labourers in India and


78

What do you think about the current job

scenario for skilled labourers?In India, there is a dichotomy between formal employment which provides social

security, higher earnings or medical assistance, and informal employment that

doesn’t offer any of these. For example, in our country, the proportion of formal

jobs is merely 8% while informal is 92%. Within that, a good chunk of informal

workers, especially in construction, is casual workers with low or medium level

of education or only 4 years of schooling. So that creates a space for creative

interventions in skilled development. Now the question is, how can it be done?

So one way is while working, the labourers should have options like continuing

education or other schooling opportunities. Like if there are workers from Chat-

tishgarh who is not highly educated, then our fi rst priority should be to encour-

age them for National Open Schooling which is provided by the Government of

India. Or in a semi-skilled category, there are plumbing technicians who have

completed their SSC, can they become engineers? I would say yes, that too in

a cost-effective way. One is by gaining higher education by enrolling in National

Open schools. Engineering and technical education can be obtained through a

Bachelor of vocational study course. Some of centrally funded institutes or uni-

versities such as IGNOU provide ample opportunities for people to upgrade their

skills. I have been researching about this issue. There is no national level fl ow

of range. There hardly provide any scope of incentives for labourers. I calculated

how much incentives states like Andhra gives. It is daily 5 rupees. We don’t even

get tea in that amount. So, from the State Government’s side, not much effort is

being put, also from the corporation’s side, not much is being taken into consid-

eration. So there is scope of improvement. That is the current state of affairs in

India, particularly in Maharashtra.

What do you think about the fi nancial and

medical assistance for the labourers?One of the legislations that was passed by the parliament is Unorganized Work-

ers Bill passed in 2008. A committee was formed to look into these aspects to

fi nancially empower the unorganized sector. Maharashtra came up with a bill for

domestic workers to make them eligible for social security. That’s on the paper,

nicely drafted. Hardly any progress has been achieved. We need to shorten the

long gap between theory and action. One strategy I would like to propose is to

explore the corporate social responsibility of fi nancing and linking them with

these issues to improve the quality of work. Suppose if a construction worker

falls ill on site, the help should be easily accessible to them. Unfortunately, the

reality is very different. Maternity leave, minimum wage or accident claims is

quite weak in India. While we have good labour laws, we should also improve

our productivity rather than resorting to mediocrity. This practice is called The

Tripartite Consultation which hardly exists in India except Banking sector.

People have a narrow mindset about

their upliftmentlabourers. How can we change their

perspective? Not easy! The caste system still prevails in India. For example, scavengers in

Mumbai are mainly lower caste. Unfortunately, if we don’t change, there is

a huge threat. Many people from other states fl ock Mumbai for higher wage

and good standard of living. If the global labour market is more receptive, the

migrants might move to other states as well.

How can we encourage the youth of our

country to become skilled labourers?The reason why the youth is not interested is low wages. Secondly attitude

matters too. Digitally inclined youth are not comfortable working in diffi cult en-

vironments. However, we can solve it by making working options smarter. When

someone joins an industrial training institute, they should get a degree. There

should be some porosity between all education institutions where while study-

ing, they should get work opportunities. Unless we change the attitude through

creative interventions, the youngsters would never opt for such career choices.

Are there enough courses in India to curtail

unemployment? And if so, which courses

should be provided?As far as employment with high wages is concerned, only few good students

can get it. Now there are around 2000 business schools in India, but only a

few can boast about bagging 1 million per annum package in their placements.

Therefore, vocational courses do not churn out good employment opportunities.

Industry relies on cheap labour which does not require education. The biggest

hiatus in India is no industry-education collaboration.

According to you, what should be the

habitation concept which will suit the city of

Mumbai and will be easy for developers to

follow?When we say habitat, the space becomes more holistic. The fi rst important issue

is nature of transportation. We have been witnessing emergence of mass-transit

systems. Projects like freeway, monorail and metro are upcoming. When mass-

transit systems gain more popularity, connection between cities becomes easy.

Thus, it changes the whole habitat. With the new systems, there will be massive

relocation tendencies. So our habitation theory will be greatly dependent on con-

vergence of transportation facilities. A few places in Mumbai and Navi Mumbai

will see an escalation in prices.


79

In this digital age, where everything is available at a click, turning your house into a smart home is gaining demand off lately. The concept of home

automation was introduced to us long back. Remember opening your garage door with remote control or lights fl icking on when someone enters

the room? Our homes have been automated since decades. However, with the internet and connectivity, home automation has made great stride in

recent years.

A MODERN CONCIERGEFOR YOUR HOME !

Sonal Waykar


81

What Home Automation exactly means?

Home Automation simply means using one or more electronic devices

to remotely control the basic functions and features of your home. The

more devices you integrate with all the sensors, the smarter the place

becomes. So much so that eventually, the house will know who you are,

where you are and what you want, without you having to utter a word.

It is nothing but the electrical functionality of a home controlled by a system

from anywhere in the world using a computer or your smartphone connected to

Advantages of Home Automation

Automated systems make your place a safe and comfortable living environment,

making our daily lives a lot easier. However, if you are still wondering how home

automation will help you; here are a few reasons why you should opt for it now:

• Save energy: As all the devices will be either connected to your phones or

have been sensor-enabled, you can save more energy and cut down on water

use.

• Easy access: From refrigerators to lights and doors, everything will be easily

accessible at your fi ngertips via apps on your phones or tablets.

• Convenience: Wouldn’t it be wonderful if your AC gets switched on when you

enter the house, or if your doors open

when you approach with heavy bags?

Sensors and smart locks can lighten a

lot of burden after a long tiring day!

• Safety: You can secure your home

with smart clocks, 24/7 Wi-Fi enabled

security cameras, motion sensors and

alarms that can be monitored from

anywhere. So you can be rest assured

from intruder breaking into your

apartment.

the internet. It can include scheduling

and operations of temperate control in

the house, window blinds or curtains,

surveillance and security, lighting and

water sprinkling. The functionality

can be extended to communication

equipment and home robots such as

automatic vacuum cleaners.


82

Must-have Home Automation Appliances for your houseWith a veritable boom in the technology industry, more and more home automa-

tion products has been churning out by many developers. With many people still

unable to understand the nitty-gritty of these advancements, we are here to help

you learn about some of the most ingenious products in the market. Here are a

few which will not disappoint you:

Smart Alarm

This is a budget-friendly security option that all homeowners should invest in.

Smart Alarm is a Wi-Fi enabled camera that sends a notifi cation to your phone

whenever someone enters your home or when the camera senses a presence.

You can check the screenshot of the intruder in your house and take necessary

action accordingly. It has a built-in LED, so you can get a clear image even when

the lights are switched off.

SquareFoot recommends: iSmartAlarm

Smoke Detector

Smoke Detector is highly underrated in our country. However, gone are those

days of installing basic detectors in the house; one should go for a smart smoke/

carbon monoxide detectors that come along with features like remote monitoring

via your phone and waving off false alarms just with your hand. This is one such

device that you never knew wanted.

SquareFoot recommends: Nest Protect Smoke Plus Carbon Monoxide

Thermostats

These smart devices give you a convenient option to remotely manage your

home’s temperature on-the-go through your smart phones and reduce energy

consumption. You create your own schedule by designing customized scenes

and setting precise temperature controls. There is also an option for lockout

where you can keep the temperature fi xed to a certain temperature. Thermostats

also have a feature of auto-changes which continually adjust the pre-heating

and cooling of the house.

SquareFoot recommends: Honeywell Z-Wave Thermostat

Home Entertainment Options

Imagine a movie theatre experience at your own house! Home automation has

made entertainment easy again. They contain a home theatre integrated with

audio distribution which can be easily accessible. With surround sound and HD

images, you can create your own media room anywhere you wish to, with the

touch of a single button.

SquareFoot recommends: Adagio by Crestron

With a ‘smart’ home, you can just sit back and enjoy!


83

Does your business plan include the

development of an area in your plant for

clean manufacturing?

Better quality or better yield is the primary reason for investing in

a cleanroom space. It goes straight to your bottom line. Numer-

ous manufacturing facilities now require a controlled environ-

ment in which you limit the amount of dust and dirt in the area of

the manufacturing. Medical instrument manufacturing and pack-

aging, electronics and computer manufacturing, food preparation

and some military applications are but a few of the instances that have strict requirements for

maintaining a clean environment. You need to know the requirement for your specifi c product

or process. Clean rooms have become integral part of pharma manufacturing facilities.

One of the most important aspects of cleanrooms is the Doors you choose for cleanroom

facility. Time for which door is open will play a critical factor in avoiding dust, outside tem-

perature, humidity etc. Opening and closure of door has to quick enough to isolate the outside

environment and internal facility.

At Gandhi Automations Pvt Ltd we provide Clean Room High Speed Doors specifi cally

designed for above purpose. Our Clean Room High Speed Doors are best suited for facilities

where you need controlled environment. The opening and closing of door is quick enough to

separate outside environment and internal facility.

High Speed Clean Room Doors designed by

Gandhi automation are engineered carefully

with feature below :

• Concept of low air permeability in pressurized rooms with positive

and negative air pressure

• Designed to fi t inside the columns

• Self-supporting construction

• Minimizes air leakage

• Can be equipped with transparent PVC horizontal sections

or vision windows

• Special side guides to tightly integrate the curtain

• High leak tightness due to the close fi lling curtain in the guide rails

• High door effi ciency with and low permeability values,

EN 12426 EN 12427: < 12 m3/m2 h Δ 50 PA .

• Control device enclosure in Stainless Steel SS 316

For more information on Clean Room High Speed Doors

visit www.geapl.co.in

or SMS “GANDHI” to 58888 or Email us at [email protected]

Corporate Offi ce

Gandhi Automations Pvt Ltd, 2nd Floor, Chawda Commercial Centre, Link Road, Malad (West), Mumbai - 400064, India

+91-22-66720200 / 66720300 (200 lines)

High TimeThe Govt Wakes Up


85

Suraj Parmar’s sacrifi ce won’t go waste. This was the sentiment echoed

by each builder and realtor, who participated in the peace march

organized by real estate developers’ body CREDAI and Maharashtra

Chamber of Housing Industry (MCHI) on October 13, 2015 at Thane as a

mark of respect and solidarity.

Thousands of city developers participated in the march wearing black and white

clothes and black bands. Late Suraj Parmar was the president of the Thane unit

of MCHI. He allegedly committed suicide.

The city developers marched from the guest house gate near Collector Offi ce to

Thane Municipal Corporation (TMC). All offi ces, site offi ces, construction work,

registration and brokers’ offi ces remained closed as a mark of protest.

After the march, a representative group of builders handed over a letter to

municipal commissioner Sanjeev Jaiswal highlighting issues such as endemic

delays in getting approvals, deliberate delays in implementing government policy

and massive corruption. They requested the authorities to investigate the matter

thoroughly and bring in stringent measures to avert such situations.

CREDAI and its members appealed to

the TMC to develop an atmosphere

of trust. In a statement, CREDAI said,

“The fi ght against a corrupt and inef-

fi cient government system has led to

the loss of our fellow developer, Suraj

Parmar of Cosmos Group. He was one

of the prominent names in the real

estate in Thane region of Maharashtra

and had delivered numerous landmark

buildings across Mumbai and Thane

region. We are extremely saddened

and shocked by this incident. As a

mark of respect and solidarity, all

our member developers will protest

with closure of offi ces, sites offi ces,

registration and all construction work

on October 13, 2015.”

Developers need around 54-60

approvals and permissions before

starting a real estate project. Each

approval necessitates dealing with a

number of government authorities and


86

this entire process takes about 2-3

years resulting in the projects suffer-

ing with cost overrun and avoidable

delays to the consuming public. For

long now, builders have been pressing

for a single-window, time-bound

clearance. This time, they hope the

BJP-led government will comply.

CREDAI has consistently sought

rationalization of approval processes.

The demand has been approved in

principle by a number of committees.

However, this scheme remains on

paper till date.

Parmar, a director with the Cosmos

Group, allegedly shot himself on Oc-

tober 7, 2015. Police said the incident

occurred at around 1.15 pm inside a

sample villa at his Cosmos Havaiian

project at Ovala.A single bullet injury

was found on his right neckline. The

injury was probably caused by a shot

fi red from his licensed .32 bore re-

volverHe left behind a 18-page suicide

note in which he reportedly outlined

the harassment from various govern-

ment departments as well as the bribe

that he had to pay repeatedly.

Suraj Parmar’s relatives also par-

ticipated in the peace march among

others.On Monday, the Kasarvadavali

police registered a case against un-

identifi ed corporators and some Thane

Municipal corporation (TMC) offi cials.

Meanwhile, Parmar’s letter has been

sent to a forensic lab for investigation

and results are awaited.

Builders in other parts of the country

too protested with black bands. In

Navi Mumbai, a group of builders met

Managing Director of the City and

Industrial Development Corporation

(CIDCO) to submit a letter requesting

transparency and similar demands.

Falguni Banerjee


87

Mumbai is witnessing a lot of green homes off lately since the state

has made it easier for such projects to get clearance permits.

However, many people still believe that green homes cost you a lot

of money which is totally not true. No longer it is just a lifestyle state-

ment for those who worry about carbon footprints.

Owning an eco-friendly is synonymous with caring about the environment. It

means people not only care about their health or money, but they also give a

considerable thought about the community and the nature. Green homes are

better for the planet.

So we bring you 5 reasons thatliving in a green home is beneficial for you.Lower energy bills

Turning your house into a green place means better insulation, tightening up

the duct-work, sealing the doors and windows properly, elevating the effi ciency

of heating and cooling systems, sustainable lighting and electrical appliances.

When you follow these norms, your energy bills are bound to go down drasti-

cally.

Lower water consumption

When you tighten the taps and faucets properly, fi t low water consuming shower

heads, set up dual fl ush toilets, solar system to reuse the rainy water, effi cient

irrigation systems, you assist with water saving methods. This is necessary as

there are many areas in our countries suffering from drought like situations.

Green homes let us lend a hand in limiting water wastage.

Indoor air quality

Paints, adhesives and wall fi nishes are put to limited use in eco-friendly dwell-

ings. Also the volatile organic compound which causes respiratory troubles in

the materials is low. Using such materials invites fresh air in the house. It also

means mold prevention, non-toxic pest control and non-toxic household clean-

ers. Finally giving you and your family a healthy indoor air quality.

More sustainable and durable

Since the quality of products used to build a green home is of high quality. In

comparison to other products, these ones last longer and are more durable. It

also has another benefi t. In future, you won’t need to undergo various mainte-

nance and replacement costs. Thus making it a pocket friendly deal.

Increased value of the house

Research shows that the value of a green home increases considerably by 3

to 5% compared to non-green apartments. All the furnishings and fi ttings you

installed to make your place an eco-friendly zone will elevate its rate in the real

estate market instantly thus giving you favourable rewards in the future.


88

Originated from Asian countries thousands of years back, FengShui

is an ancient belief that energy is scattered everywhere and also all

the energies are connected. Picking up on this belief, the practice of

fengshui was implemented while building homes. Reason – to create a

calm and balanced environment in the house.

Initially, fengshui doesn’t seem like to be effective for anybody. But once you

understand how it creates a path towards guiding the energies to build a har-

monious life, you will not be able to help yourself in imparting fengshui in every

aspect of your dwelling.

Here a few fengshui tips to help you start with.• If you haven’t been feeling at ease in your bedroom, maybe it is the bed

that causes the discomfort. You should able to view the door from your bed,

but never place it directly opposite to the door. Maybe you can try keeping it

perpendicular to the wall of the door. Also, decorate the room with equal sized

night stands or lamps.

• Never place your desk against the wall with a window. You may think that it

will give a good view of the surroundings, but for better focus on your work set

your desk from where you can view the whole room.

• Include all 5 elements in your interior theme. Decorate in a way that each

room will remind you of water, fi re, wood, earth, and metal. You can substitute

things that evoke the same feelings instead of using actual elements.

• Now that you have included the 5 elements in the house, the next thing to

consider is their location. Place them in a strategic manner to improve your luck.

For example, a water feature near your home’s entrance signifi es good fi nancial

health.

• Avoid having darkness in the corners of the house as they bring danger. So

place items like plants, accent chairs, bookshelves, or other furniture to soften

them up.


89

Wood, the premium choice for the interiors in Indian homes, busi-

ness places and community. This year, Gudi Padwa coincided

with World Wood Day, thus reminiscing this environment-friendly

raw material. The natural ambiance of wood gives a classy,

graceful and elegant look to the place. Its classic characteristic look is the

fi rst reason why people opt for wooden furniture in their homes. Not only it

costs less, but it is also one of the most versatile, renewable and durable

raw materials available.

Environmentally Friendly

Everyone has been talking about creating awareness for using materials

that carbon positive. This need of the hour has led to a resurgence in the

demand for wood. People who care about constituting to an eco-friendly

planet prefers materials which are not energy intensive while the production

process as well as during the life of the product.

We believe that India too should follow some strict forest management

regulations like our international counterparts. To mention one, Canada have

a stringent policy that only mature trees which are around 100 years old

must be cut and also, with one tree chopped, three new saplings have to be

planted.

Why choose wood for home furnishings?

When looking for interior furnishing options, consumers mainly focus on

appearance, functionality and strength. Wood is one such material which

provides all these benefi ts along with reducing carbon footprints drasti-

cally. As a natural product, it brightens up any space and offers unmatched

options for designing and fi nishing. The diversity of wood makes it a prime

choice for all because:

• As it is grown by the sun, it is a renewable resource that can last for years

if looked after properly.

• It keeps us connected to nature.

• Its versatility enables to create traditional structures as well sleek designs.

• It subdues the effects of climate change as it stores carbon from the

atmosphere in its cells throughout its life.

• As per life cycle analysis and scientifi c studies, using renewable sources

of energy such as wood has much more positive impact on the atmosphere

over the long term as compared to other materials.

How far ‘WOOD’ you go?Sonal Waykar


92

INEXPENSIVE TIPSFOR YOUR HOMEMAKEOVER FOR FESTIVE SEASON

With the festive season just around the corner, there is no

better time to spruce up your home and add a dash of

opulence. But decorating your space for an occasion

does not need to burn a hole in your pocket. You can

lend a festive touch to your home in an inexpensive manner. A few simple tricks

can help you turn your home from plain and boring to bright and classy.

So this Diwali, let’s go that extra mile to deck up our house in warm hues without

worrying about the expenses.

Sonal Waykar


93

• Wall decals For those who frequently change their mind, or easily get disinterested in a

monotonous look, wall decals are the perfect option. They are inexpensive yet

excellent in dressing up your plain walls, according to the mood. With a wide va-

riety of options to choose from, wall stickers are the latest popular interior trend.

An added advantage is that they do not leave a mark when peeled off.

• Drapes and furnishingsEven changing drapes or cushion furnishings has become a costly affair nowa-

days. Hence a better option is you can use your old colourful ethnic dupattas or

saris instead. You can simply hang them over curtain rods acting as scarves for

the windows. It will give your space a grand look. You can add a hint of festivity

by embellishing it with lace or readily available motifs.

• Flowers and diyasIt is a widely known fact that one can never go wrong with fl owers. Placing fresh

fl owers set up a decorative aura and give a warm glow to your home. Diyas,

on the other hand, are a customary practice during Diwali. There are creative

shapes and colours in diyas available in the market. But if you want to go DIY

and creative, you can simply illuminate the room by fi lling in empty glass jars

with lights.

• Paint your doorPeople usually paint their whole house before the arrival of the festive season.

That normally goes over budget and takes more time. Instead, you can add a

pop of colour by painting just your door in an unexpected shade like bright yel-

low or turquoise blue. It not only modernizes your old home by adding a young

feel to it, your guests will also be pleasantly surprised.


94

Central Mumbai suburbs Capital Values Rate/ Sq ft (INR)

Bhandup (East) 12250

Bhandup (West) 16050

Central-Mum-Suburbs/Others 14800

Chandivali 18900

Chembur (East) 18650

Chembur (West) 9700

Chunabhatti 15350

Ghati Pada 13250

Ghatkopar (East) 16000

Ghatkopar West 21650

Hiranandani Gardens - Powai 31450

Industrial Area 17950

Kanjur Marg (East) 12000

Kanjur marg (west) 15400

Kurla (East) 14700

kurla (west) 13100

LBS Marg 16050

Mulund 15250

Mulund (East) 14950

Mulund (West) 15500

Mulund Colony 14700

Nahur 13500

Powai 21100

Raheja Vihar 20000

Rajiv Gandhi Nagar 15650

Sion (East) 21350

Sion (West) 22000

Vikhroli (East) 15600

Vikhroli (West) 19450

Mumbai Andheri-Dahisar Capital Values Rate/ Sq ft (INR)

4 Bunglows 19200

7 Bunglow 27100

Aarey Milk Colony 8600

Akurli Nagar 12950

Amboli 20700

Andheri (East) 17250

Andheri (West) 22450

Andheri MIDC 14900

Asha Nagar 17450

Azad Nagar 18500

Borivali (East) 15150

Borivali (West) 16250

Chakala 18500

Chandivali 18900

Charkop 13150

Chincholi Bunder 17200

Dahanukar Wadi 15200

Dahisar 12400

Dahisar (East) 11100

Dahisar (West) 14500

Dattapada 14050

Evershine Nagar 16900

Film City Road 16000

Gokuldham 16350

Gorai 14100

Goregaon (East) 16800

Goregaon (West) 16500

Huzefa Nagar 14500

I C Colony 16500

J B Nagar 19150

Jankalyan Nagar 13500

Jawahar Nagar 15250

Jogeshwari (East) 15650

Jogeshwari (West) 15950

JVLR 21000

Kanchpada 14200

Kandarpada 14650

Kandivali (East) 16150

Kandivali (West) 14700

Shrishti 8200

vasai 5050

Vasai East 4550

Vasai Road 4000

Vasai West 5700

Vijay Park 6500

Virar 4450

Virar East 4050

Virar West 4550

Mira Road And Beyond Capital Values Rate/ Sq ft (INR)

Bevarly Park 6550

Bhayander (East) 6350

Bhayander (West) 6400

Boisar 2550

Kashimira 6400

Kelve mahim village 2500

Mira Bhayandar 6850

Mira Road 6500

Mira Road East 6900

Naigaon (East) 3400

Naigaon (West) 3900

Nalasopara (West) 3500

Nalasopara East 3950

Nallasopara 3800

palghar 2800

Poonam Gardens 6800

Mumbai Beyond Thane Capital Values Rate/ Sq ft (INR)

Adharwadi 5500

Ambernath 3250

Asangaon 2600

Badlapur 3350

Badlapur (East) 3350

Badlapur (West) 3350

Bhivpuri 3350

Bhiwandi 3050

Chikholi 3050

diwa 4250

Dombivili (East) 6000

Dombivili (West) 6000

Kalwa 8400

Kalyan (East) 4200

Kalyan (West) 5900

Karjat 2650

Katrap 2950

Khadakpada 5950

Kharegaon 7700

Khopoli 3550

Manjarli 3750

Mum-Beyond-Thane/Others 9700

mumbra 3600

Neral 2650

Nilje Gaon 7250

Kulupwadi 19600

Link Road 19100

Lokhandwala 23300

Lokhandwala township 16000

Mahavir Nagar 21650

Malad (East) 14000

Malad (West) 15250

Malvani 9250

Marol 16400

Marve Road 10450

Mindspace 22200

Orlem 13550

Oshiwara 15650

S V Road 16500

Sakinaka 16550

Shastri Nagar 28750

Siddharth Nagar 15000

Thakur complex 16050

Thakur Village 18100

Veera Desai Road 20150

Versova 24100

Yari Road 22850

Yogi Nagar 13000


96

Mumbai Navi Capital Values Rate/ Sq ft (INR)

Airoli 11150

Belapur 10000

Dronagiri 4600

Ghansoli 9650

jui nagar 7800

Kalamboli 5700

Kamothe 6950

Karanjade 5000

Khalapur 3000

Khanda Colony 6750

Khandeshwar 6700

Shahpur 2450

Sheel Phata 4500

thakurli 5500

Titwala 3250

ulhasnagar 4000

Vasind 2850

Mumbai Harbour Capital Values Rate/ Sq ft (INR)

Bhakti Park 28600

Byculla 30750

Chembur 18400

Deonar 22600

Govandi 15850

GTB nagar 11550

Sewri 31200

Sion Trombay Road 21150

Tilak Nagar 14950

Wadala 23200

Wadala East 23600

Wadala West 24800

Kharghar 8300

Koperkhairane 10300

Kutak Bandhan 8250

Navade 4300

Nerul 11950

new panvel 5450

Old Panvel 6150

palm beach 18350

Panvel 6050

Petali 5500

Rabale 9350

Rasayani 2800

Roadpali 6250

Sanpada 12950

Seawoods 11900

Sector 1 Ghansoli 6950

Sector 10 Kamothe 7100

Sector 10 Kharghar 8550

Sector 11 Belapur 8100

Sector 11 Koparkhairane 11500



Sector 15 Belapur 9250

Sector 17 Ulwe 5500




Sector 19 Ulwe 5400

Sector 2 Ulwe 5700

Sector 20 Airoli 10800



Sector 20 Ulwe 6750



Sector 21 Ulwe 6000


Sector 23 Ulwe 6400

Sector 26 Vashi 11950



Sector 34C Kharghar 8000

Sector 35I Kharghar 8500



Sector 5 Ghansoli 6500

Sector 5 Ulwe 6500



Sector 8 Airoli 10850

Sector-13 Kharghar 7100

Sector-17 Kamothe 7450

Sector-18 Ulwe 5800

Sector-19 Airoli 12150

Sector-20 Roadpali 6650

Sector-25 Khandeshhwar 6900



Sector-34B Kharghar 8400



Sector-50 Seawoods 12650


Sector-8 Ulwe 5800

Shilphata 6150

Taloja 4600

Taloja Panchanand 4750

Ulwe 5700

Uran 4850

Vashi 11650


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Mumbai South Capital Values Rate/ Sq ft (INR)

Agripada 51650

Adarsh Nagar 34300

Altamount Road 74150

Breach Candy 67400

Churchgate 52350

Colaba 41550

Cuffe Parade 69050

Dadar (East) 30700

Dadar (West) 37350

Gamdevi 57750

Grant Road 37000

Hanuman Nagar 37100

Kemps corner 59250

Lower Parel 36350

Mahalaxmi 40700

Malabar Hill 70300

Marine Drive 54550

Marine Lines 50250

Matunga 34950

Matunga West 35000

Mum-South/Others 27000

Mumbai Central 53350

Napean Sea Road 67500

Parel 29200

Peddar Road 63900

Prabhadevi 40000

Shivaji Park 34350

Tardeo 57800

Upper Worli 36500

Walkeshwar 72200

Worli 39050

Worli Naka 35300

Worli Seaface 42400

Mumbai Thane Capital Values Rate/ Sq ft (INR)

Anand Nagar 9350

Balkum 10000

Brahmand 10250

Brindavan 10750

Charai 11800

Devdaya Nagar 13600

Dhobi Ali 11750

Dhokali 10950

G B Road 9200

Gawand Baug 11250

Ghodbunder Road 9800

Hiranandani Estate 13900

Hiranandani Meadows 20000

Mumbai South West Capital Values Rate/ Sq ft (INR)

Bandra (East) 24000

Bandra (West) 46150

Bandra Kurla Complex 29500

Gandhi Nagar 35500

Juhu 40000

Juhu Scheme 41650

JVPD 44500

kalina 20750

Khar 40900

Khar West 44250

Mahim (West) 30300

Pali Hill 49200

Santacruz (East) 20750

Santacruz (West) 38550

Vakola 22200

Vile Parle (East) 29100

Vile Parle (West) 38600

Kalher 3800

Kalwa 8400

Kapurbawadi 11400

Kasar vadavali 8450

kavesar 9600

Kharbao 2600

khopat 12600

kolbad Road 12650

Kolshet Road 10900

Kopri 11700

Lok Upvan 10950

Lokmanya Nagar 7900

Lokpuram 10750

Louis Wadi 12150

Majiwada 11900

Manpada 11350

Mum-Thane/Others 8150

Naupada 15300

Owale 8850

Panch Pakhadi 14550

Parsik Nagar 9200

Patlipada 12800

Pokharan Road 12500

Pokhran-2 12650

Samata Nagar 13050

Shivai Nagar 13200

Srinagar Colony 9300

Teen Haath Naka 13650

Thane (East) 11000

Thane West 11450

Utthalsar 11500

Vartak Nagar 11350

Vasant Vihar 12500

Vrindavan 12300

Waghbil 10000

Wagle Estate 10700


98

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